New Delhi: Reliance Industries Ltd on Friday reported an 11 per cent decline in its June quarter net profit, mainly due to weaker oil-to-chemicals (O2C) vertical and higher interest and depreciation cost.
According to the company’s stock exchange filing, net profit stood at Rs 16,011 crore or Rs 23.66 per share in April-June – the first quarter of the current fiscal year 2023-24 – as against earnings of Rs 17,955 crore or Rs 26.54 per share a year ago.
Net profit was also lower quarter-on-quarter as compared to earning a record Rs 19,299 crore in the last 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 to Rs 2.16 lakh crore in January-March 2023. This was mainly due to lower crude oil prices and shrinking of margins on fuels such as diesel.
According to the company’s stock exchange filing, net profit stood at Rs 16,011 crore or Rs 23.66 per share in April-June – the first quarter of the current fiscal year 2023-24 – as against earnings of Rs 17,955 crore or Rs 26.54 per share a year ago.
Net profit was also lower quarter-on-quarter as compared to earning a record Rs 19,299 crore in the last 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 to Rs 2.16 lakh crore in January-March 2023. This was mainly due to lower crude oil prices and shrinking of margins on fuels such as diesel.