Reliance Industries Ltd reported a near 11% fall in first-quarter profit on Friday as the company’s dominant oil-to-chemicals business was hurt by weak refining margins. The Mukesh Ambani-led conglomerate said consolidated profit fell to 160.11 billion Indian rupees ($1.95 billion) in the quarter ended June 30 from 179.55 billion rupees a year earlier.
Reliance Industries net drops 11% on weak O2C business
Reliance Industries Ltd reported a near 11% fall in first-quarter profit on Friday as the company’s dominant oil-to-chemicals business was hurt by weak refining margins. The Mukesh Ambani-led conglomerate said consolidated profit fell to 160.11 billion Indian rupees ($1.95 billion) in the quarter ended June 30 from 179.55 billion rupees a year earlier.