Mukesh Ambani-owned Reliance Industries Ltd (RIL) posted a 5% decline in its consolidated net profit to Rs. 16,563 crore for the second quarter ended September 2024 compared to Rs. 17,394 crore in the year-ago period.

RIL’s EBITDA of Rs 43,934 crore in the second quarter also declined by 2 per cent compared to Rs. 44, 809 crore during the corresponding period of last fiscal.

Meanwhile, Revenue from operations increased by marginal 0.2% year-on-year (YoY) to Rs 2.35 lakh crore in the reporting period.

In Oil to Chemicals (O2C)segment, RIL posted a revenue of Rs. 155,580 crore, reflecting a 5 per cent growth in 2Q FY25 as compared to Rs. 147,988 crore in 2Q FY24. The increase is primarily on account of higher volumes and increased domestic placement of products

Oil to Chemicals segment’s EBITDA for 2Q FY25 is lower by 23.7 per cent Y-o-Y to Rs. 12,413 crore. Unfavourable demand-supply balance led to sharp ~50% decline in transportation fuel cracks and continued weakness in downstream chemical deltas.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am happy to note that during this quarter Reliance once again demonstrated the resilience of its diversified business portfolio. Our performance reflects robust growth in Digital Services and Upstream business. This helped partially offset weak contribution from O2C business which was impacted by unfavorable global demand-supply dynamics…

The first of our New Energy Giga-factories is on-track to commence production of solar PV modules by the end of this year. With a comprehensive range of renewable solutions including solar, energy storage systems, green hydrogen, bio-energy and wind, the New Energy business is poised to become a significant contributor to global clean energy transition.”