Reliance Industries Ltd (RIL) has reported a nearly 11 per cent decline in consolidated net profit at Rs 16,011 crore for the first quarter ending June as against Rs 17,955 crore in the same period last year.
RIL said its mainstay refining and petrochemicals operation, which the conglomerate calls oil-to-chemicals (O2C), saw a decline in earnings “due to a sharp fall in fuel cracks from exceptionally high levels” in April-June of last year. Fuel margins had shot up globally in Q1 of last financial year as Russia’s invasion of Ukraine disrupted energy markets.
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