MUMBAI: Reliance Industries Limited (RIL), the country’s most valuable firm in terms of market capitalisation, on Friday, announced an 11% decline in net profit to Rs 16,011 crore for the quarter ending June 2023, compared to Rs 17,955 crore in the same quarter the previous year.
The company’s profit was impacted by weakness in its oil-to-chemical (O2C) business and higher finance and depreciation cost. Finance cost jumped 46% to Rs 5,837 crore due to higher interest rates and loan balances.
