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Global demand concerns likely to weigh on energy markets, says RIL

RIL's oil-to-chemicals (O2C) business, was mixed in terms of performance, reporting 10 per cent Y-o-Y growth in revenue in Q3, though there was a decline of 9.4 per cent sequentially

Viveat Susan Pinto Mumbai

Premium

India demand remains strong, company says in post-results conference call

3 min read Last Updated : Jan 22 2023 | 11:36 PM IST

The Mukesh-Ambani-led Reliance Industries (RIL) has cautioned against the impact of global economic headwinds on energy demand, in a post-results conference call.

The company announced its Q3 results on Friday, where it reported a 15 per cent drop in net profit compared to a year ago. Net sales surged 17.4 per cent versus last year, driven by its retail, telecom and oil-and-gas businesses.

Oil-to-chemicals (O2C), RIL’s largest business segment, was mixed in terms of performance, reporting a 10 per cent year-on-year (YoY) growth in Q3 revenue. But it saw a decline of 9.4 per cent sequentially.