Reliance Industries on Monday reported a 6% yearly decline in revenue from its Oil & Gas business to ₹6,222 crore in the second quarter.

The company had reported a revenue of ₹6,620 crore for the segment, which encompasses exploration, development, and production of crude oil and natural gas, a year ago.

However, Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose 11% to ₹5,290 crore during the quarter ended September 30, up from ₹4,766 crore last year.

The increase in EBITDA was driven by sustained volume growth, along with a one-time provisioning for decommissioning costs related to the Tapti field in Q2 FY24.
The EBITDA margin improved significantly to 85%, compared to 72% in the previous year, highlighting enhanced operational efficiency despite the revenue decline.

The country’s most valued company has reported a robust net profit of ₹16,563 crore for Q2 FY25, demonstrating the strength of its diversified business portfolio. Gross revenue stood at ₹258,027 crore, reflecting a marginal year-on-year growth. The company’s performance was significantly boosted by its Digital Services and Retail segments.

#2QWithCNBCTV18 | #RelianceIndustries reports #Q2Results ????

Consolidated net profit at ₹16,563 cr vs ₹17,394 cr (YoY) pic.twitter.com/UvykILiiHD

— CNBC-TV18 (@CNBCTV18Live) October 14, 2024

The company’s oil-to-chemicals (O2C)  vertical for Reliance Industries reported a 24% decline in second quarter core profit on Monday, despite a 5.1% jump in revenue, compared to the same period last year.

Also Read : Reliance Industries O2C Results: Rev up 5.1%, margin squeezed