Mon Oct 14 17:05:20 UTC 2024: ## Reliance Industries’ Profits Dip in Q2, Retail Unit Sees Growth

**Mumbai, India:** Reliance Industries Limited (RIL), led by Mukesh Ambani, reported a 4.7% decline in net profit for the second quarter of the current financial year, ending September 2024. The company’s profit stood at ₹16,563 crore, down from ₹17,394 crore in the same period last year. The dip in profit was primarily attributed to a weaker performance in the oil refinery and petrochemical businesses.

Despite the profit decline, RIL’s revenue rose slightly by 0.2% year-on-year, reaching ₹2.35 lakh crore. The company’s total income for the quarter increased to ₹2.4 lakh crore, compared to ₹2.38 lakh crore in the same quarter last year.

RIL’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter stood at ₹43,934 crore, marking a 2% year-on-year decline. The EBITDA margin fell by 50 basis points to 17%. The company attributed the increase in finance costs to higher debt levels, with the cost rising 5% to ₹6,017 crore during the quarter.

**Reliance Retail Reports Growth:**

RIL’s retail arm, Reliance Retail Ventures Limited (RRVL), reported a 3.53% decline in operating income for the second quarter, reaching ₹66,502 crore. However, the company’s net profit for the quarter witnessed a marginal increase of 1.28% to ₹2,836 crore.

Despite lower demand in the fashion and lifestyle segment, RRVL’s gross revenue, including other income, decreased by 1.09% to ₹76,302 crore in the September quarter. Nevertheless, the company’s EBIT (Earnings Before Interest and Taxes) grew by 1.03% year-on-year to ₹5,675 crore.

RRVL continued its expansion efforts, opening 464 new stores, bringing the total number of stores to 18,946 with an operational area of 7.94 crore square feet. The company also saw a 14.23% increase in customer footfall in its stores, reaching 29.7 crore. The number of registered customers for Reliance Retail reached 32.7 crore.

**Stock Performance:**

Shares of Reliance Industries ended the trading day at ₹2,745.20 on the BSE, up 0.11%.

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