Reliance Industries, in its first-quarter results, beat street estimates to post an increase of 6.8% in its consolidated net profit at ₹10,104 crore. Though RIL’s new-age businesses — retail and telecom — helped it post a profit, the management said earnings could have been hit had the company not embarked on its oil-to-chemicals integration path a few years ago.
“We know the environment for refining and petrochemicals was volatile. The volatility in crude, the macroeconomic headwinds and China-US trade-related development all impacted the market but thanks to the level of integration we have between refining and petrochemicals, a lot of this volatility has gotten absorbed and without having any meaningful impact on our earnings,” said V. Srikanth, joint CFO, RIL at the company’s first-quarter earnings on Friday.
