{"id":531358,"date":"2022-10-25T09:28:40","date_gmt":"2022-10-25T03:58:40","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=531358"},"modified":"2022-10-25T09:53:48","modified_gmt":"2022-10-25T04:23:48","slug":"windfall-tax-hits-reliance-q2-net-profit-flat-at-rs-13656-crore","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/windfall-tax-hits-reliance-q2-net-profit-flat-at-rs-13656-crore\/","title":{"rendered":"Windfall tax hits Reliance; Q2 net profit flat at Rs 13,656 crore"},"content":{"rendered":"<p>Billionaire Mukesh Ambani&#8217;s Reliance Industries Ltd on Friday posted flat growth in net profit in the September quarter after a newly introduced windfall profit tax and lower refining margins dented earnings in the mainstay oil business.<\/p>\n<p>The oil-to-retail-to-telecom conglomerate&#8217;s consolidated net profit at Rs 13,656 crore in July-September was almost unchanged from Rs 13,680 crore net earnings in the same period last year, according to a company statement.<\/p>\n<p>Sequentially, net profit fell 24 per cent from Rs 17,955 crore in April-June.<\/p>\n<p>This is primarily because the firm&#8217;s mainstay oil-to-chemicals (O2C) business earnings were hit by a new tax that the government imposed on the export of diesel, petrol and ATF from July 1.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Billionaire Mukesh Ambani&#8217;s Reliance Industries Ltd on Friday posted flat growth in net profit in the September quarter after a newly introduced windfall profit tax and lower refining margins dented earnings in the mainstay oil business. The oil-to-retail-to-telecom conglomerate&#8217;s consolidated net profit at Rs 13,656 crore in July-September was almost unchanged from Rs 13,680 crore net earnings in the same period last year, according to a company statement. Sequentially, net profit fell 24 per cent from Rs 17,955 crore in April-June. This is primarily because the firm&#8217;s mainstay oil-to-chemicals (O2C) business earnings were hit by a new tax that the [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-531358","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/531358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=531358"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/531358\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=531358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=531358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=531358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}