Reliance Industries Limited (RIL) on Friday announced 11 per cent year-on-year drop in its net profit for the first quarter of the current financial year due to weak performance of oil-to-chemical (O2C) business, higher finance cost and increased depreciation.
The company’s net profit dipped to Rs 16,011 crore in April-June 2023 quarter as compared to Rs 17,955 crore recorded in the same period last year.
RIL said its finance costs surged 46 per cent year-on-year to Rs 5,837 crore primarily due to higher interest rates and loan balances. Depreciation increased by 31.7 per cent to Rs 11,775 crore due to expanded asset base across all the businesses and higher network utilisation in Digital Services business, it said.
