Reliance Industries Net Profit Falls
By Andrea Figueras
Reliance Industries reported a drop in fourth-quarter net profit, although the result came ahead of analysts' expectations.
The Indian conglomerate said Monday that net profit fell to 189.51 billion rupees ($2.27 billion) for the three months ended March 31 from INR192.99 billion in the year-earlier period.
The result beat the estimate of INR186.77 billion in quarterly net profit, according to a poll of analysts' forecasts compiled by FactSet.
The company posted higher earnings before interest and taxes for each of its segments, which include its oil to chemicals, oil and gas, retail and digital-services businesses.
EBIT for its oil-to-chemicals division--the conglomerate's largest contributor to group revenue--climbed to INR143.55 billion from INR141.94 billion during the same months in the prior year.
As for the mobile and digital services business, it saw an increase in EBIT to INR86.01 billion from INR77.53 billion.
Fourth-quarter revenue increased to INR2.407 trillion from INR2.163 trillion previously.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
April 22, 2024 10:23 ET (14:23 GMT)
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