Reliance Industries sees global recession headwinds
Given the increased chances of an economic recession in the West undercutting world fuel demand and prices, Reliance Industries (RIL) has lowered its outlook on refining margins for the next three-four quarters. The company posted a net profit of Rs 17,955 crore in Q1, up 46% on year, primarily on higher refining margins, allowed by tight global oil markets.
“Recession fears (are) overtaking oil market fundamentals, resulting in lower prices and margins,” joint CFO V Srikanth said in an earnings call late Friday.
