Economic Undertakings

Major Headlines: RIL Q1 earnings rise 46%, MoD bans imports from 18 platforms



Reliance Industries (RIL), led by Mukesh Ambani, on Friday reported consolidated net profit (attributable to company owners) of Rs 17,955 crore for the quarter ended June 30, 2022 (Q1), up 46, 3% compared to the previous year. The company also warned that a global recession could hurt oil refining margins, signaling the possibility of more pain to come after the owner of the world’s largest refining complex posted a lower-than-expected profit.

RIL Q1 Net Profit Increases 46% YoY to Rs 17,955 Crore; revenues jump 57%

Reliance Industries (RIL), led by Mukesh Ambani, on Friday reported consolidated net profit (attributable to company owners) of Rs 17,955 crore for the quarter ended June 30, 2022 (Q1), up 46, 3% over the prior year period, but well below expectations. A poll of analysts by Bloomberg had estimated net profit at Rs 21,615 crore in the first quarter. Read more


Reliance Industries warns of headwinds from global recession after shortfall

Reliance Industries Ltd. warned that a global recession could hurt oil refining margins, signaling the possibility of more pain to come after the owner of the world’s largest refining complex posted a lower-than-expected profit. “Recession fears are outpacing oil market fundamentals, driving down prices and margins,” Reliance deputy chief financial officer V. Srikanth said in a post-earnings call on Friday. Read more


Purchase of PSU from small businesses increased by 11% to Rs 41,699 crore in FY21

Procurement by Public Sector Enterprises (PSUs) to micro and small enterprises grew by almost 11% year-on-year (YoY) to Rs 41,699 crore in FY2020- 21, according to the survey of public sector enterprises. This is an increase from purchases of Rs 37,680 crore made from small businesses in FY 2020. However, PSUs collectively barely managed to meet the imposed minimum annual supply of 25% by government to small businesses, according to the Survey of Public Sector Enterprises. Read more


PSUs of hired casual workers fell 44% in the first year of the Covid-19 pandemic

In FY21 when Covid hit, central public sector enterprises (CPSEs) employed 44.3% fewer casual workers and 7% fewer contract workers than the year before, according to the survey of public sector companies. In fiscal year 2020-2021, approximately 29,273 casual or daily workers were employed by CPSEs, compared to 52,553 in fiscal year 2020. Read more


Ministry of Defense bans imports of 18 major defense platforms, items must be made in India

The Ministry of Defense (MoD) revealed to Parliament on Friday the names of eighteen major defense platforms which can no longer be imported. Instead, they will now be locally designed and developed (D&D) by domestic industry. Read more

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