RIL Q2 profit falls 5%
Reliance Industries Ltd (RIL) on Monday reported a 5 per cent fall its net profit in the July-September quarter as weak oil refining and petrochemical business hurt its operational performance.
Its consolidated net profit fell to Rs 16,563 crore (Rs 24.48 per share) in second quarter of the fiscal as compared to Rs 17,394 crore (Rs 25.71 a share) in the same period last year, according to a firm’s statement.
While retail and telecom businesses posted steady performance, the oil-to-chemical (O2C) business, which is made up of twin oil refineries at Jamnagar in Gujarat and petrochemical units saw margins shrink on global oversupply. The profit before tax dropped 2 per cent to Rs 43,934 crore. The financial performance was also impacted by finance costs rising by 5 per cent, primarily due to higher debt. Also, depreciation rose by 2.3 per cent.
Jio profit jumps 23.4%
Jio Platforms on Monday reported a 23.4% year-on-year rise in its consolidated net profit for Q2 FY25 to Rs 6,539 crore, as average revenue per user surged to Rs 195.1 per month.
