Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) reported a 4.8 per cent year-on-year (Y-o-Y) decline in consolidated profit (attributable to the owners) at ₹16,563 crore for the July-September quarter (Q2) of 2024-25, missing analysts' expectations by a wide margin. Revenues, too, disappointed.
This marks the third straight quarter of declining profits on a Y-o-Y basis, of which the last two were primarily due to its weak oil-to-chemicals (O2C) business. This is for the sixth quarter in a row the firm has missed the brokerages' forecast, according to Bloomberg. Had it not been for the consumer businesses and a surge in other income, the performance would have been even worse.
This story is from the October 15, 2024 edition of Business Standard.
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This story is from the October 15, 2024 edition of Business Standard.
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