Reliance Industries Ltd Q1 PAT falls due to O2C cracks

New Delhi: Reliance Industries Ltd. (RIL), India’s most valuable company, reported a 5% drop in its consolidated net profit (attributable to the owners) to Rs 15,138 crore for the first quarter ended June 2024 due to the underperformance of its mainstay oil to chemical (O2C) business on Friday. Analysts expected a profit of Rs 16,287 crore, according to LSEG data.

Last focal quarter’s June PAT was Rs 16,011 crore for RIL. The oil-to-telecom company posted a profit of Rs 18,951 crore in March (Q4FY24), so the bottomline fell faster. Over 11% YoY, RIL’s operating revenue rose to Rs 2.36 lakh crore in June.

“Our O2C business model’s deep integration and flexibility helped mitigate a difficult operating environment. The firm was hit by lower fuel cracking, weak global demand, and new refineries, said RIL Chairman and Managing Director Mukesh D. Ambani.