Top headlines: RIL Q1 profit surges 46%, MoD bans imports from 18 platforms

Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a consolidated net profit (attributable to the company’s owners) of Rs 17,955 crore for the quarter ended June 30, 2022 (Q1), up 46.3 per cent over the year-ago period. The company has also 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

RIL Q1 net profit surges 46% YoY to Rs 17,955 crore; revenue jumps 57%

Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a consolidated net profit (attributable to the company’s owners) of Rs 17,955 crore for the quarter ended June 30, 2022 (Q1), up 46.3 per cent over the year-ago period, but fell well short of expectations. A poll of analysts by Bloomberg had estimated net profit at Rs 21,615 crore in Q1. Read more

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. Read more

PSUs' buy from small business rose 11% to Rs 41,699 crore in FY21

Public procurement by public sector undertakings (PSUs) from micro and small enter­prises rose nearly 11 per cent year-on-year (YoY) to Rs 41,699 crore in the fiscal year 2020-21, according to Public Sector Enterprises Survey. This has been an increase from Rs 37,680-crore procu­rement made from small businesses in FY20. However, PSUs collectively have barely managed to meet the govern­ment-mandated 25 per cent minimum annual procure­ment from small businesses, according to the Public Sector Enterprises Survey. Read more

Casual workers PSUs hired fell 44% in first Covid-19 pandemic year

In FY21, when Covid hit, central public sector enterprises (CPSEs) employed 44.3 per cent fewer casual workers and 7 per cent fewer contractual workers than in the previous year, according to the Public Sector Enterprises Survey. In the fiscal year 2020-21, about 29,273 casual or daily wage workers were employed by CPSEs compared to 52,553 in FY20. Read more

MoD bans imports from 18 top defence platforms, items to be made in India

The Ministry of Defence (MoD) revealed in Parliament on Friday the names of eighteen major defence platforms that can no longer be imported. Instead, they will henceforth be indigenously designed and developed (D&D) by domestic industry. Read more