Results preview: Poor O2C showing may pull down RIL's revenue, profit

In Q1FY24, it may witness the first YoY net sales decline since Q3FY21 and the sharpest net profit fall since Q2FY21

Reliance Industries may report a muted performance for the April-June quarter of FY24, with most brokerages expecting it to have witnessed a year-on-year (YoY) and quarter-on-quarter (QoQ) contraction in revenue and net profit during the period because of a poor showing by its oil-to-chemicals (O2C) division. 

The O2C division, which includes refining and petrochemical businesses, accounts for a little over half of RIL’s revenue and profit.

A muted showing by RIL in the first quarter of 2023-24 may weigh on the overall corporate earnings, as well as the equity markets. The company tops the league table in terms of revenue, profit, and