Mukesh Ambani-run Reliance Industries Ltd (RIL) on Friday reported a 10.8 per cent dip in its net profit for the June quarter (Q1FY24) owing to weak profitability seen in the oil-to-chemicals (O2C) business.
However, RIL’s telecom and retail businesses aided profitability, with an additional big push from a surge in other income.
For Q1FY24, RIL’s consolidated net profit was Rs 16,011 crore. Revenue from operations for the same period was reported at Rs 2.07 trillion, down 5.2 per cent on a year-on-year (YoY) basis, which the management attributed to a sharp decline in the O2C revenues with a 31 per cent fall in crude oil prices.
