Stock to watch: RIL shares in focus after Q2 profit falls 5% YoY
Reliance Industries Ltd (RIL) will be in focus after the company reported mostly in-line results for the second quarter ended September 2024.
The second-quarter profit dropped 5%, hurt by weakness at its mainstay oil-to-chemicals (O2C) business. The poor show in this segment was offset by strong digital performance.
Revenue from operations increased 0.2% year-on-year (YoY) to Rs 2.35 lakh crore in the reporting period.
The weak performance of the oil-to-chemicals (O2C) segment was a drag even in the second quarter as operating profit for the segment declined 23% year-on-year.
This was mainly due to unfavourable demand-supply balance, which led to a sharp 50% decline in transportation fuel cracks and continued weakness in downstream chemical deltas.
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