Reliance Industries (RIL)’s oil and gas vertical in the latest financial quarter reported its record quarterly profit ever. Even as this business finally claims a larger share in overall profits, analysts say it may be nearing a peak for now.
RIL’s oil and gas business performance for several years has been lacklustre in comparison to the profits its other divisions have returned. The business has, however, looked up in the past several quarters with gas production commencing from the KG-D6 block.
“The turnaround began with the start of gas production at KG-D6 (commenced gas production from satellite cluster in April 2021 and R-cluster in December 2020),” analysts with BNP Paribas noted in their report on the company.
