On Monday, Reliance Industries Limited (RIL) reported a close to 2% year-on-year decline in its consolidated net profit for the quarter ended March 2024, probably owing to higher tax expenses. Segment wise, the dominant oil-to-chemicals business recovered well during the quarter by clocking revenue growth of 11% year-on-year to Rs 1.42 lakh crore. It was mainly led by improved realisation for transportation of fuel segment and higher volumes. Soni Patnaik analyses the results and how they are likely to affect the stock in the near term.
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