Reliance Industries Q2 net profit drops 2.8% to ₹19,323 crore
The Hindu
Reliance Industries Ltd's Q2 results show stable revenue, growth in digital services, and challenges in O2C and retail segments.
Reliance Industries Ltd reported second quarter consolidated net profit dropped 2.8% to ₹19,323 crore from ₹19,878 crore in the same period last year.
Gross revenue for the quarter ended September 30, 2024 remained stable Y-o-Y at ₹2,58,027 crore, the company said in a filing.
Oil to Chemicals (O2C) revenue improved with higher volumes and increased domestic placement of products.
Digital services revenue increased with the impact of revised telecom tariffs for mobility services and scale-up of homes and digital services businesses. Lower gas price realizations led to 6% lower revenue in the Oil and Gas segment, the company said.
The company’s EBITDA decreased by 2.0% Y-o-Y to ₹43,934 crore. EBITDA for Jio Platforms Limited (JPL) increased 17.8% Y-o-Y due to better subscriber mix, digital services scale-up and revision in telecom tariffs, the company said.
EBITDA margin for Reliance Retail Ventures Limited (RRVL) improved by 30 bps with continued focus on streamlining of operations and calibrated approach in B2B. O2C EBITDA was lower by 23.7% on account of sharp decline in product margins. Fuel cracks declined by nearly 50% Y-o-Y, it said.
Downstream chemical also declined with muted global demand in a well-supplied market. RIL benefited due to superior ethane cracking economics driven by sharp fall in ethane prices.
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