Reliance Industries Q2 net falls 15% on weak oil business

Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported a 15 per cent drop in second quarter net profit after a slump in core oil and chemicals business dragged down continued good showing in consumer-facing verticals such as telecom. Net profit attributable to owners at Rs 9,567 crore in July-September compared with Rs 11,262 crore a year back, Reliance said in a stock exchange filing.

The oil-to-telecom-to-retail conglomerate saw consumer-facing units doing well amid the lockdown easing but the core business continued to face pressure. The firm’s net addition of 7.3 million subscribers and per-user revenue rising to Rs 145 helped the telecom business soar.