Business

Reliance Industries hit by unexpected drop in quarterly profit


Reliance Industries hit by unexpected drop in quarterly profit

Analysts, on average, had expected a profit of Rs 162.58 billion in the latest quarter.

Bangalore:

Reliance Industries Ltd, India’s most valuable company, reported a more-than-expected drop in quarterly profit on Friday, hit by a drop in performance in its oil-to-chemicals business. .

Consolidated profit of the consortium led by Mukesh Ambani fell 14.9% to 157.92 billion rupees ($1.95 billion) in the third quarter.

It had earned Rs 185.49 billion a year earlier, as it benefited from refining margins and strong fuel demand.

According to Refinitiv IBES, analysts were expecting a profit of Rs 162.58 billion on average in the latest quarter. ($1 = 81.1100 Indian rupees)

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

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