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Reliance Q2 net profit falls 5% on weak O2C business
Millennium Post Delhi
|October 15, 2024
NEW DELHI: Reliance Industries Ltd, India's most valuable company, on Monday reported a 5 per cent fall in the July-September quarter net profit as weak oil refining and petrochemical business hurt operational performance.
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Its consolidated net profit fell to Rs 16,563 crore or Rs 24.48 per share in July-September - the second quarter of the current fiscal - compared to Rs 17,394 crore or Rs 25.71 a share in the same period a year back, according to a company statement.
While retail and telecom businesses posted steady performance, the oil-to-chemical (O2C) business saw margins shrink on global oversupply due to China flooding the market with petroleum products it made from refining cheap Russian crude oil. This led to a fall in product margins.
The profit before tax (EBITDA) dropped 2 per cent to Rs 43,934 crore. The financial performance was also impacted by finance costs rising by 5 per cent to Rs 6,017 crore, primarily due to higher debt. Also, depreciation rose by 2.3 per cent.
Cette histoire est tirée de l'édition October 15, 2024 de Millennium Post Delhi.
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