RIL’s profit beat the Bloomberg estimate of ₹18,080 crore, but weakness in the core oil-to-chemical (O2C) business is proving to be a headache for the Mukesh Ambani-led conglomerate. “Reliance’s O2C segment quarterly revenue fell 2.4% y-o-y to ₹1,41,096 crore primarily on account of lower price realization led by 5.3% y-o-y decline in average Brent crude oil prices,” the company said in a statement.
The O2C business includes RIL’s refining, petrochemical plants and manufacturing assets located at Jamnagar, Hazira, Dahej, Nagothane, Vadodara, Patalganga, Silvassa, Barabanki and Hoshiarpur.
More than half of RIL’s overall revenues come from its O2C business….
