RIL Q2 profit slips 5% to Rs 16,563 crore, still beats market expectations

Mukesh Ambani-led Reliance Industries Ltd (RIL) reported a 5% decrease in combined net earnings for the quarter ending September 2024, publishing Rs 16,563 crore compared to Rs 17,394 crore in the exact same duration in 2015.

In spite of the decrease in net earnings, the business’s efficiency in the 2nd quarter was much better than street price quotes.

Income from operations inched up by 0.2% year-on-year, reaching Rs 2.35 lakh crore for the quarter.

The business’ s EBITDA stood at Rs 43,934 crore, showing a 2% decrease year-on-year, while EBITDA margins come by 50 basis indicate 17%.

Financing expenses for the quarter increased by 5% year-on-year to Rs 6,017 crore ($718 million), driven by greater financial obligation.

In spite of these obstacles, RIL saw strong development in its digital services and upstream company, which assisted balance out weaker contributions from its oil-to-chemicals (O2C) sector, affected by international demand-supply headwinds.

“I more than happy to keep in mind that throughout this quarter Reliance when again showed the durability of its varied company portfolio,” stated Mukesh Ambani, Chairman and Managing Director of RIL.

“Our efficiency shows robust development in Digital Services and Upstream company. This assisted partly balanced out weak contribution from O2C company which was affected by undesirable worldwide demand-supply characteristics,” he included.