Reliance Industries Q1 net drops 7 pc on COVID hit to retail business

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 144,372 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.