Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday reported consolidated net profit for the second quarter (Q2) ended September 2022. 13,656 crore, down 0.18% YoY. it was 13,680 crore in the corresponding quarter (Q2FY22) of the previous year.
On a sequential basis, the profit after tax (PAT) of the oil-to-telecom group fell 24% 17,955 crore in the previous June quarter.
As per analysts’ estimates, RIL was expected to post double-digit year-on-year (YoY) growth in consolidated net revenue and profit for the September quarter.
Reliance, which operates the world’s largest oil refining complex, reported 33.7% growth in revenue from operations 2.32 lakh crore in the quarter under review. The company had posted a revenue of 1.74 lakh crore in the year-ago period.
By segment, revenue from the core oil-to-chemical (O2C) business grew a whopping 33%. 1.41 lakh crore in the period under review. it was 1.2 lakh crore in the same quarter last year.
“Our O2C business performance reflects lower demand and a weak margin environment in downstream chemical products. Transportation fuel margins were better than last year but were significantly lower sequentially. Special additional products during the quarter to ensure stable Segment performance was also affected by the introduction of duty, supply and less volatility in the domestic market, said Mukesh Ambani, chairman and managing director, Reliance Industries Ltd.
The company’s stock closed on the NSE on Friday 2,470.00, down 1.22% from the previous day’s close.
catch all corporate news And updates on Live Mint. download mint news app to receive daily market update & Live business News,