Reliance's O2C jitters: A refining challenge that's crimping growth

IPO moves and new energy clarity: Key upside risks for the conglomerate

Weighed down by the oil-to-chemicals (O2C) business, Reliance Industries (RIL) results for the April-June quarter (Q1) of 2024-25 (FY25) missed Street estimates. A 14 per cent fall in the O2C segment’s operating profit compared to the year-ago quarter and a 22 per cent sequential decline pulled down the consolidated performance.

The O2C segment accounts for a third of the overall operating profit and about 60 per cent of the attributable consolidated profit.

The disappointment in Q1 performance was reflected in the company’s global depositary receipts, which ended 4.33 per cent lower on the London Stock Exchange.

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