One event that changed Reliance’s year

Akshara· Host0:00

[upbeat music] In today's episode, we'll break down two important stories. First, we'll talk about an almost good quarter for Reliance, and then we'll talk about the time the gas markets broke. Welcome back to The Daily Brief by Zerodha, where we cut through the noise to help you understand what's actually happening in the most important stories from business and markets. I'm your host Akshara, and today is Tuesday, 28th April. Coming to the first story. So Reliance, India's biggest company, released its results last week. For anyone that wants a quick snapshot of the economy, Reliance is a quick, dirty way of checking its pulse because of how much of the economy it touches. From the fuel in your car, to the data on your phone, to the groceries you might cook with, it's hard to go a day without bumping into something Reliance sells. For most of last year, the company's results looked brilliant, and then March hit. West Asia erupted in war, and the company's fate changed. Its largest and oldest revenue-generating segment, that is oil to chemicals or O2C, took a massive hit this quarter because of the war. That alone was enough to pull down the company's profitability. But still, it wasn't a terrible quarter. The company's revenue actually rose 13% to rupees 3.25 lakh crore. It couldn't earn profits at nearly the same rate, though. Its EBITDA, the money it generates from core operations, fell marginally, while net profit fell 9%. That's unusual, isn't it? Why