Reliance Industries Ltd’s (RIL) Oil & Gas segment consolidated revenue jumped 71.8% to ₹6,620 crore ($797 million) in the July-September quarter. RIL’s Oil & Gas EBITDA increased to ₹ 4,766 crore, up by 50.3% on a Y-o-Y basis. The EBITDA margin was at 72% for the second quarter of FY24.
Reliance Industries has been toppled from the position of India’s most profitable company by State Bank of India (SBI). According to the report, Reliance Industries lost out to SBI in 2023-24 (FY24) April-June quarter.
RIL’s subsidiary Reliance Jio Platforms has posted a 12.5 per cent rise in net profit at Rs 5,098 crore for the June quarter from Rs 4,530 crore a year ago. Gross revenue increased 11.3 per cent to Rs 30,640 crore during the quarter.