Mukesh Ambani-promoted Reliance Industries Limited (RIL) on Friday reported a 27.4 per cent year-on-year (Y-o-Y) rise in its consolidated net profit for the September quarter (Q2FY24). 

While revenue growth of the company was flattish Y-o-Y, the profit rose on the back of operational improvement across most segments, especially higher profits in the O2C (oil-to-chemicals) and oil & gas businesses, as well as the retail business.

 For Q2FY24, RIL’s consolidated net profit came in at Rs 17,394 crore. Sequentially, it was up 8.6 per cent. According to Capitaline data, Q2 consolidated net sales and PBIDT (profit before interest, depreciation and taxation) were the highest ever for RIL in a quarter. “Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth,” said Mukesh Ambani, chairman and managing director of 

the company.

Reflecting the fall in crude oil prices, revenue from operations for the quarter under review was almost flat at Rs 2.32 trillion, compared to Rs 2.29 trillion a year ago.

 Segment-wise, the company said, the oil and gas business reported its all-time high Ebitda (earnings before interest, taxes, depreciation, and amortisation) in the September 2023 quarter.

 RIL said revenue from the O2C business declined, with a 14 per cent Y-o-Y decrease in crude oil prices leading to lower price realisation for products; revenue from the consumer and oil & gas businesses showed positive growth. “Gross revenue was supported by continuing growth momentum in the consumer business,” the company said in its statement. RIL’s other income for the quarter under review was at Rs 3,841 crore, up 10.5 per cent from a year ago.