RIL Q2 Takeaways: How India's biggest conglomerate fared in September quarter
Reliance Industries' (RIL) second -quarter numbers were largely in line with expectations with 27% growth in net profit and a marginal increase in revenues.
The company saw 29.7% YoY rise in consolidated net profit to Rs 19,878 crore for the September 2023 quarter. Revenue from operations rose 1.1% to Rs 2.34 lakh crore.
Profit growth was led by operational and financial contributions from all business segments.
The oil and gas segment delivered the most with robust growth and the dominant O2C business was hurt by a fall in crude oil prices.
Here are five major takeaways from RIL's Q2 reportcard
O2C numbers muted
The dominant oil-to-chemicals was hit by a fall in crude prices, which resulted in lower price realisation for products. Weak global demand and supply overhang continued to impact downstream margins.
The segment's revenue for the second quarter reduced by 7% year-on-year to Rs 1.47 lakh crore, mainly due to a sharp 14% reduction in crude oil prices, resulting in lower price realisation for products. EBITDA for the segment rose 36% year-on-year to 16,281 crore.
Global refinery throughput was higher by 1.7 mb/d at 82.9 mb/d in the second quarter.
Jio's profit growth goes slow
Reliance Jio on Friday reported a net profit of Rs 5,058 crore for the September quarter, up 4% quarter-on-quarter, which was the slowest in seven quarters. This was mainly due to higher expenses and a lack of recent tariff hikes.
