Mukesh Ambani-led Reliance Industries has announced its second-quarter results. The company's profit declined by 5 per cent in the July-September quarter of the financial year 2024-25 as weak oil refining and petrochemical business hurt operational performance. Its consolidated net profit fell to Rs 16,563 crore or Rs 24.48 per share in July-September - the second quarter of the current fiscal - compared to Rs 17,394 crore or Rs 25.71 a share in the same period a year back, according to a company filing.
However, the total income was marginally higher at Rs 2.4 lakh crore from Rs 2.38 lakh crore in July-September 2023. For the unaware, Reliance is India's most valuable company with a current market cap of Rs 18.59 lakh crore.
Moreover, the retail arm of the company, Reliance Retail Venture Ltd (RRVL), reported a 3.53 per cent decline in operating revenue to Rs 66,502 crore for the quarter ended in September 2024, impacted by a weak demand and streamlining of operations. Profit after tax was marginally up 1.28 per cent at Rs 2,836 crore for the second quarter of the 2024-25 financial year.
Commenting on the results, Reliance Chairman and MD Ambani said, the retail segment continues to increase its consumer touchpoints and product offerings across physical and digital channels.
(With inputs from PTI)
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