Reliance Industries Q1FY24 Net Profit Declines 6% Dented By Oil-To-Chemicals Performance – News18

Reliance Industries Ltd (RIL) reported on July 21 a year-on-year decrease of 6 percent in the consolidated net profit at Rs 18,258 crore in the first quarter of the financial year 2023-24 as muted performance in the oil-to-chemicals partly offset the strong growth in consumer-facing businesses

The conglomerate’s consolidated total revenue in the June quarter declined to Rs 231,132 crore from Rs 242,529 crore a year ago, as oil-to-chemicals business revenue declined tracking weakness in crude prices.

Consolidated net profit attributable to shareholders stood at Rs 16,011 crore in the quarter, compared to Rs 17,955 crore in the same period last year. A Bloomberg poll had seen consolidated net sales at Rs 2.14 lakh crore and net profit at Rs 16,995.50 crore.

“Reliance’s strong operating and financial performance this quarter demonstrates the resilience of our diversified portfolio of businesses that cater to demand across industrial and consumer segments,” Mukesh D. Ambani, Chairman and Managing Director.

RIL’s oil-to-chemicals (O2C) segment quarterly revenue fell 17.7% Y-o-Y to Rs 133,031 crore primarily on account of sharp reduction in crude oil prices and lower price realisation of downstream products. This was partially offset by higher volumes.

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