Reliance Q1 profit falls 6% to ₹18,258 crore on higher costs

MUMBAI: Reliance Industries (RIL) reported a decline in the first quarter’s profit and revenue due to higher expenses and lower price realisations from its refining and petrochemicals business. Profit fell 6% to Rs 18,258 crore in Q1FY24, while revenue decreased 5% to Rs 2. 1 lakh crore.

India’s largest company in terms of market value attributed the drop in profit to higher finance costs and increased depreciation and the decreased revenue to “sharp decline” in refining and petrochemicals revenues with “31% fall in crude oil prices”. It said the decline was, however, partially offset by the growth recorded by its retail, digital and oil & gas businesses.