RIL’s O2C business logs 75% rise in Q1 revenues on high crude prices

Reliance Industries Ltd (RILoil-to-chemical )’s division saw a tremendous 75.2 per cent increase in sales for the April-June quarter, reaching Rs 1.03 lakh billion.

According to the corporation, the increase in income was linked to higher product pricing due to rising crude oil prices.

“Segment Revenues for 1Q FY22 grew by 75.2 per cent year on year to Rs 103,212 crore ($ 13.9 billion), principally due to substantial increases in product prices on the back of higher crude prices,” according to a company statement.

Furthermore, with the commencement of the second wave of Covid during the quarter, weakening in domestic demand resulted in higher export placement, resulting in high utilization rates across production sites.

On a year-over-year basis, the total throughput grew from 17.8 MMT to 19.0 MMT. On the scheduled shutdown of ROGC, cracker operating rates were at 95%, somewhat lower. It stated downstream margins remained high, with product deltas around or above 5-year averages.