Reliance Industries warns of global recession headwinds after profit miss

Reliance Industries Ltd. has warned that a global recession can hurt oil refining margins, flagging the possibility of more pain ahead after the owner of world’s largest refining complex posted a lower-than-expected profit.
 

“Recession fears are overtaking oil market fundamentals, resulting in lower prices and margins,” Reliance’s Joint Chief Financial Officer V. Srikanth said in a post-earnings call Friday. 

He added that while there has been a lot of spotlight on the windfall gains for oil refiners like Reliance, there are also several headwinds such as higher operating expenses due to soaring freight and input prices. Raw material costs jumped 76%