RIL profit drops 6% in Q1 on weak oil-to-chem showing

Mumbai: Reliance Industries Ltd (RIL), India’s biggest company by market capitalisation, reported a 6% drop in consolidated profit in the June quarter from the year earlier on account of a weak oil-to-chemicals (O2C) performance as well as higher finance costs and increased depreciation.

Earnings were bolstered by Reliance Retail posting an 18.8% rise in profit, while that of Jio Platforms Ltd was up 12.5% for the quarter on-year.