India News | Reliance Industries Net Drops 11% on Weak O2C Business
Get latest articles and stories on India at LatestLY. Reliance Industries Ltd on Friday reported an 11 per cent drop in its June quarter net profit largely due to weak oil-to-chemical (O2C) vertical and higher interest and depreciation cost.
New Delhi, Jul 21 (PTI) Reliance Industries Ltd on Friday reported an 11 per cent drop in its June quarter net profit largely due to weak oil-to-chemical (O2C) vertical and higher interest and depreciation cost.
Net profit was Rs 16,011 crore, or Rs 23.66 per share, in April-June - the first quarter of current 2023-24 fiscal year - compared with Rs 17,955 crore, or Rs 26.54 a share, earning a year back, according to a company's stock exchange filing.
The net profit was also lower quarter-on-quarter when compared with record Rs 19,299 crore earnings in the preceding three months ended March 31.
Revenue from operations fell to Rs 2.1 lakh crore from Rs 2.22 lakh crore in the year-ago period and Rs 2.16 lakh crore in January-March 2023. This was primarily because of lower crude oil prices and the shrinking of cracks or margins on fuels such as diesel.
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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)