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Windfall tax hits Reliance; Q2 net profit flat at Rs 13,656 crore

Sequentially, net profit fell 24 per cent from Rs 17,955 crore in April-June

Reliance Industries
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The group's retail and telecom businesses saved the day with bumper earnings

Press Trust of India
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday posted flat growth in net profit in the September quarter after a newly introduced windfall profit tax and lower refining margins dented earnings in the mainstay oil business.

The oil-to-retail-to-telecom conglomerate's consolidated net profit at Rs 13,656 crore in July-September was almost unchanged from Rs 13,680 crore net earnings in the same period last year, according to a company statement.

Sequentially, net profit fell 24 per cent from Rs 17,955 crore in April-June.

This is primarily because the firm's mainstay oil-to-chemicals (O2C) business earnings were hit by a new tax that the government imposed on

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Oct 21 2022 | 7:55 PM IST

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