“ demand was impacted by destocking on recessionary fears and high interest rates, as well as slower than expected ramp-up in China markets,” Reliance said in a statement.
The profit on refining a barrel of crude oil in Asia plunged about 41 per cent to $3.44 a barrel in the April-June period, according to Refinitiv data. Analysts expected the company to report a profit of 168.42 billion rupees, according to Refinitiv data. Reliance said earnings before interest, taxes, depreciation, and amortization, a key profit metric, for the retail division rose 33.9 per cent during the quarter.