Top headlines: RIL Q1 net falls 11% on weak O2C biz, GST evasion, and more

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RIL Q1 net profit falls 11% to Rs 16,011 crore on weak O2C business

Mukesh Ambani-run Reliance Industries Ltd (RIL) on Friday reported a 10.8 per cent dip in its net profit for the June quarter (Q1FY24) owing to weak profitability seen in the oil-to-chemicals (O2C) business. However, RIL’s telecom and retail businesses aided profitability, with an additional big push from a surge in other income. For Q1FY24, RIL’s consolidated net profit was Rs 16,011 crore. Revenue from operations for the same period was reported at Rs 2.07 trillion, down 5.2 per cent on a year-on-year (YoY) basis, which the management attributed to a sharp decline in the O2C revenues with a 31 per cent fall in crude oil prices. Read more...

Paytm Q1 results: Loss narrows to Rs 358.4 crore, revenue jumps 39.4%

Fintech firm One97 Communications, which operates under the Paytm brand, on Friday reported narrowing of loss to Rs 358.4 crore. The company had posted a loss of Rs 645.4 crore in the same period a year ago. The revenue from operations of the company increased by 39.4 per cent to Rs 2,341.6 crore during the reported quarter from Rs 1,679.6 crore in the June 2022 quarter. The company said that its merchant payments volume (GMV) grew 37 per cent YoY to Rs 4.05 lakh crore in the April-June quarter of FY2023-24. Read more...

Tax officials unearth Rs 19,492 crore GST evasion via special drive

A nationwide crackdown by the goods and services tax (GST) authorities has helped uncover tax evasion to the tune of Rs 19,492 crore. The two-month special drive, which concluded on July 15, was part of the tax authorities’ efforts — both at the central and state levels — to combat tax evasion by scrutinising fake GST registration and catch offenders. Such fraudulent activities have resulted in the blockage of fake input tax credit claims worth Rs 6,200 crore, a senior government official told Business Standard. Read more...

Russia's demand a roadblock to the G20 energy transition discussions

Russia on Friday demanded that a para on Ukraine’s involvement in the attack of the Nord Stream pipelines be included in the draft communique of the Energy Transition track, which has led to an impasse in the ongoing discussions at the 4th Energy Transition Working Group meeting. In September last year, a series of explosions destroyed the undersea Nord Stream gas pipelines, which were built to transport Russian natural gas to Germany, through the Baltic Sea. Russia’s proposal was met with opposition from most of the countries, sources said. India, meanwhile, has not revealed its position on this contentious issue. Read more...

Akasa Air's whirlwind takeoff: How airline is gradually inching its way up

Last week, when the Directorate General of Civil Aviation (DGCA) released the monthly statistics, it became clear that Akasa Air had beaten the established budget carrier SpiceJet for the first time in terms of domestic passengers carried per month. Akasa Air carried 618,000 passengers in June, compared to SpiceJet, which carried 555,000 passengers. Additionally, Akasa Air recorded a 4.9 per cent domestic market share in June to SpiceJet's 4.4 per cent. This was a significant achievement for an airline that operated its first commercial flight just 11 months ago. Read more...