Missing analysts’ estimate, Mukesh Ambani-promoted Reliance Industries Limited (RIL) on Monday reported a 1.8 per cent year-on-year (Y-o-Y) decline in its consolidated net profit (attributable to the owners of the company) for the quarter ended March 2024 (Q4FY24) because of higher tax expenses. At Rs 18,951 crore, the net profit, however, was nearly 10 per cent higher sequentially.
The energy-to-entertainment conglomerate’s revenue in Q4 increased by 11.1 per cent from a year ago to Rs 2.37 trillion, which was up 5.1 per cent quarter-on-quarter. The reported profit after tax in the March quarter at Rs 21,243 crore was almost flat Y-o-Y. The company’s other income grew 57.7 per cent from a year ago to Rs 4,535 crore in Q4, while tax expenses jumped 139 per cent Y-o-Y to Rs 6,577 crore.
