Reliance Industries net profit drops 11% on weak O2C business – Times of India

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.