Reliance Industries Q1 net drops 7 per cent as 2nd wave of Covid hits retail business

New Delhi, July 23

Reliance Industries Ltd on Friday reported a 7 per cent drop in its June quarter net profit as retail business got hit by the second wave of Covid infections.

Consolidated net profit of Rs 12,273 crore in April-June compared with Rs 13,233 crore a year, the company said in stock exchange filing.

Revenue from operations rose to Rs 1,44,372 crore from Rs 91,238 crore.

While oil-to-chemical (O2C) business rebounded, retail business took a hit from the second wave of the pandemic. PTI