RIL Q2 results: Net profit rises 27.4% to Rs 17,394 crore on energy boost
India’s most valuable company Reliance Industries reported a weaker-than-expected quarterly profit on Friday as a fall in crude prices hit revenue from fuel sales and hurt its mainstay oil-to-chemicals (O2C) business.
Billionaire Mukesh Ambani-led Reliance relies heavily on its O2C business to make money despite its aggressive expansion into retail, telecom and green energy.
The conglomerate saw its refinery margins touch record levels last year as it consumed a lot of cheaper Russian crude and exported refined fuel to Europe. That benefit has since waned.
