Reliance Industries Ltd, India’s most valuable company, on Friday reported a 5 per cent drop in its June quarter net profit as lower fuel cracks and petrochemical margins outdid gains in telecom and retail businesses.
The oil-to-retail-to-telecom conglomerate’s consolidated net profit was at Rs 15,138 crore, or Rs 22.37 per share, in AprilJune — the first quarter of the current financial year — compared to Rs 16,011 crore, or Rs 23.66 a share, earnings a year back, according to a company’s statement.
The net profit was also 20 per cent lower quarter-onquarter when compared to the record Rs 18,951 crore earnings in the preceding three months ended March 31.
Besides lower transportation fuel cracks or margins, particularly that of petrol which was down 30 pre cent, and reduced chemical margins, Reliance also had a higher outgo on depreciation cost, hurting profitability.
This story is from the New Delhi 20July2024 edition of Millennium Post Delhi.
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This story is from the New Delhi 20July2024 edition of Millennium Post Delhi.
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