Reliance Industries (Reliance) reported YoY flat EBITDA and ~11% YoY decline in net earnings in Q1FY24. The oil-to-chemical (OTC) segment lagged with 27% YoY decline in segmental EBIT, reflective of the weak demand trends in downstream petroleum segment. Upstream, retail and digital services continued to show good YoY momentum – with sharply higher gas production from the new fields and sustained improvement in retail footprint driving growth.