Big loss in the business of oil and chemical, there was a dent in the profits of Reliance Industries
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17 percent loss
Reliance has suffered huge losses in the oil and chemical business. The country’s largest company in the crude oil game has lost 17 percent profit as compared to last time. That is, it has reduced by 11 percent. Compared to last year, Reliance Industry has suffered double digit loss in profit. This is not a small thing.
Why there was a dent in profits
After all, how did the biggest private player in the oil sector suffer such a huge loss. Experts say that the main reason for the low income of Reliance Industries is the prices of crude oil. In fact, crude oil prices have fallen by 31 per cent in the last one year. Margins on fuels like diesel have come down due to fall in crude oil prices. Compared to last year, the refining margin on petrol-diesel and ATF has reduced in the June quarter this year. However, RIL has done well in the retail and telecom segments.
Reliance Jio’s earnings have increased due to the addition of new telecom customers and strong average revenue per customer (ARPU). Reliance Retail has also made good profits. Reliance Jio Infocomm’s net profit increased by 12.5 percent to Rs 5,098 crore.
reduced profits
The result of the country’s largest company Reliance Industries is considered to be very bad. On a quarterly basis, the profit of the company has come down by 17 per cent to Rs 16,011 crore. If we look at the last quarter of the last financial year, then the company had a record profit of Rs 19,299 crore. This shows that the profit of the company has come down significantly. While if it is seen on the annual basis of the company, then in the same time period last year, the profit of the company was 17,955 crores. It has come down by 11 percent in this quarter. Reliance Industries’ income has also come down to Rs 2.1 lakh crore in the April-June quarter of the current financial year. It was Rs 2.22 lakh crore in the same period of the last financial year. Whereas in January-March, 2023 it was Rs 2.16 crore.
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