New Delhi : Reliance Industries Limited (RIL) reported a 6% decline in consolidated profit to ₹18,258 crore in the first quarter of the financial year 2023-24 (Q1 FY24), from ₹19,443 crore in the same quarter of the previous financial year. The decline was primarily due to higher costs and lower price realisations from its refining and petrochemicals business.
The company’s revenue also decreased by 5% to ₹2.1 lakh crore in Q1 FY24, from ₹2.2 lakh crore in the same quarter of the previous financial year. This was due to the sharp decline in refining and petrochemicals revenues, which were impacted by the 31% fall in crude oil prices.
Yes, that is correct. Reliance Industries Limited (RIL) reported a 6% decline in consolidated profit to ₹18,258 crore in the first quarter of the financial year 2023-24 (Q1 FY24), from ₹19,443 crore in the same quarter of the previous financial year. The decline was primarily due to higher costs and lower price realisations from its refining and petrochemicals business.
The company’s revenue also decreased by 5% to ₹2.1 lakh crore in Q1 FY24, from ₹2.2 lakh crore in the same quarter of the previous financial year. This was due to the sharp decline in refining and petrochemicals revenues, which were impacted by the 31% fall in crude oil prices.
However, the company’s retail business continued to perform well, with net profit increasing by 18.8% to ₹2,448 crore in Q1 FY24. The company’s telecom business also performed well, with revenue increasing by 20.5% to ₹62,559 crore.
Overall, the results were slightly below expectations, but the company remains well-positioned for growth in the coming quarters.
Here are some of the key reasons for the decline in RIL’s profit in Q1 FY24:
- Higher costs: The company’s costs increased by 10% in Q1 FY24, due to higher crude oil prices, input costs, and employee expenses.
- Lower price realisations: The company’s price realisations from its refining and petrochemicals business declined by 15% in Q1 FY24, due to the fall in crude oil prices.
- Weaker performance of the O2C business: The company’s O2C (oil-to-chemicals) business reported a 23% decline in EBITDA in Q1 FY24, due to the lower price realisations and higher costs.
Despite the decline in profit, RIL’s management remains confident about the company’s future prospects. The company is investing heavily in new growth areas, such as digital, retail, and energy, and these investments are expected to bear fruit in the coming years.
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