RIL Q2 profit drops 23% to Rs 7,206 crore

New Delhi, October 20

Reliance Industries today reported a 23% drop in its second quarter net profit as compared to last year’s figure, which was boosted by income from sale of US shale gas assets.

Consolidated net profit in July-September at Rs 7,206, or Rs 24.4 per share, was 22.9% lower than Rs 9,345 crore, or Rs 31.7 per share, earning in the same period a year ago.

After excluding the exceptional item, the net profit was up 43.1%. Last year, the company had sold EFS Midstream LLC for Rs 4,574 crore.

“The company has achieved outstanding second quarter results with strong refining business performance and record petrochemicals segment earnings,” RIL Chairman and Managing Director Mukesh Ambani said. pti