Reliance Industries Q2 net falls 15% on weak oil business
New Delhi: Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 15 percent drop in second-quarter net profit after a slump in core oil and chemicals business dragged down continued good showing in consumer-facing verticals such as telecom.
Net profit attributable to owners at Rs 9,567 crore in July-September compared with Rs 11,262 crore a year back, Reliance said in a stock exchange filing.
The oil-to-telecom-to-retail conglomerate saw consumer-facing units doing well amid the lockdown easing but the core business continued to face pressure.
The firm's net addition of 7.3 million subscribers and per-user revenue rising to Rs 145 helped the telecom business soar.
Digital services, which include the telecom arm Jio, saw pre-tax profit surge 53 percent to Rs 8,345 crore as revenues soared by more than one-third.
With markets gradually opening up in the second quarter after a strict lockdown, revenue from the retail business was almost flat at Rs 39,199 crore and EBITDA was 14 percent lower at Rs 2,009 crore.
Petrochemicals revenue fell 23 percent to Rs 29,665 crore and pre-tax profit dropped 33 percent at Rs 5,964 crore.
Refining EBITA almost halved to Rs 3,002 crore as revenue slumped 36 percent.
The firm's twin refineries earned USD 5.7 per barrel on turning every barrel of crude oil into fuel.
The profit in Q2 was lower sequentially as well as the April-June earning of Rs 13,248 crore included a one-time gain of Rs 7,629 crore from sale of 49 percent stake in petro retailing business to BP.
The company has sold a minority stake in the retail and telecom businesses to investors such as Silver Lake and KKR. It raised Rs 1.52 lakh crore from the sale of stake in Jio Platforms and another Rs 37,710 crore from the sale of an 8.48 percent stake in its retail unit.
The firm had a gross debt of Rs 279,251 crore as of September 30, down from Rs 336,294 crore in the previous quarter. After considering Rs 185,711 crore of cash and Rs 30,210 crore received from stake sale deals that have closed and another Rs 73,586 crore pending from the strategic investors, the firm had a surplus of Rs 10,250 crore.
Commenting on the results, Reliance Industries Chairman and Managing Director Mukesh Ambani said, "We delivered strong overall operational and financial performance compared to the previous quarter with recovery in petrochemicals and retail segment and sustain growth in the digital services business."
"Domestic demand has sharply recovered across our oil-to-chemical (O2C) business and is now near the pre-Covid level for most products. Retail business activity has normalized with strong growth in key consumption baskets as lockdown ease across the country," he added.
With large capital raise in the last six months across Jio and retail business, several strategic and financial investors have joined the Reliance family, he said.
"We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity," he further said.
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RCB calmer than last year, players clear about their roles: Krunal Pandya
Bengaluru (PTI): The atmosphere in the Royal Challengers Bengaluru camp is much calmer than last year and players have a lot more understanding of their roles this season, says Krunal Pandya.
RCB won the Indian Premier League trophy for the first time in 18 years in 2025 and Pandya was the Man-of-the-Match in the final against Punjab Kings at Ahmedabad, returning 4-0-17-2 as RCB won the contest by six runs.
"I feel that this year there is a much calmer atmosphere. Last year it was a new team, and everyone got to know each other. This year many players understand their roles and each other's strengths and weaknesses," Pandya said in a release by the franchise.
"When I get into the big occasions, I feel that if God has got you here, then there is a reason behind it and sometimes I think that these big occasions are actually made for me. I feel the pressure, but I think about how I can be calm and in the present moment and do what is required," he said.
Pandya said RCB icon Virat Kohli would easily rank among the greatest players in any era of cricket.
"Virat is a classic example. You can see that hunger; you can see that passion in how he sees the game and how much he wants that victory. If Virat Kohli had been born in any (some other) generation, he would still be one of the greats. He is not competing with anyone else," he said.
