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Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The core oil-to-chemicals business is in the midst of its worst crisis, dragging down profits that fund the behemoth’s other ventures. The worst part: there is little hope of an uptick anytime soon.
Reliance Industries, India’s largest company, has a problem on its hands. Its oil-to-chemicals (O2C) business, which accounted for 59% of its revenue and 53% of its profit in the 2023-24 fiscal, is in trouble.
In the April-June quarter of the current fiscal year, the business that encompasses oil refining and petrochemicals, recorded its lowest net profit in 16 quarters. At Rs 7,611 crore, the profit is less than half what it recorded in the same quarter in 2022-23. Worse, it is at the same level it was in the quarter ended March 2016, before a massive capacity addition worth $15 …
