RIL's Q2 net profit dips 5% to ₹16,563 crore
Reliance Industries Ltd (RIL) has reported a 5% decline in its consolidated net profit, for the quarter ending September 2024. The figure stands at ₹16,563 crore, which is down from ₹17,394 crore in the same period last year. Despite the dip, RIL's profits have beaten the ET Now poll estimate of ₹15,716 crore.
RIL reports marginal increase in operational revenue
RIL's revenue from operations grew marginally by 0.2% year-on-year (YoY) to ₹2.35 lakh crore, during the period under review. The company's EBITDA for the second quarter stood at ₹43,934 crore, reflecting a 2% YoY drop. Meanwhile, EBITDA margin also declined by 50 basis points to 17%.
RIL's finance costs rise due to increased debt
RIL's finance costs for the quarter increased by 5% YoY to ₹6,017 crore. The increase is mainly due to a rise in debt. Despite a tough global market, the company saw strong growth in its digital services and upstream business sectors. These sectors helped offset the weaker contribution from its order-to-cash (O2C) business, which was impacted by unfavorable global demand-supply dynamics.
Ambani highlights resilience of RIL's diversified business portfolio
RIL Chairman and Managing Director Mukesh Ambani has expressed satisfaction with the company's performance. "I am happy to note that during this quarter Reliance once again demonstrated the resilience of its diversified business portfolio," he said. The statement highlights the company's ability to withstand market fluctuations and maintain growth in certain sectors despite overall profit decline.
