Reliance Industries quarterly profit falls 23% | business-news | Hindustan Times
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Reliance Industries quarterly profit falls 23%

India’s oil-to-telecoms conglomerate Reliance Industries Ltd said on Thursday profit over the last three months fell about 23 percent, roughly matching analysts’ estimates.

business Updated: Oct 20, 2016 19:04 IST
Labourers work behind an advertisement of Reliance Industries Limited at a construction site in Mumbai.
Labourers work behind an advertisement of Reliance Industries Limited at a construction site in Mumbai.(Reuters file)

Oil-to-telecoms conglomerate Reliance Industries Ltd said on Thursday profit over the last three months fell about 23%, roughly matching analysts’ estimates.

Consolidated net profit fell to Rs 72.06 billion ($1.08 billion) for the three months to September 30 from Rs 93.45 billion a year earlier, Reliance, controlled by India’s richest man Mukesh Ambani, said in a statement on Thursday. Analysts on average had expected a profit of Rs 72.2 billion, according to data compiled by Thomson Reuters.

The company restated year-ago quarter profit, which had been boosted by a one-off income, as it moved to a new accounting system.

Revenue rose 9.6% from a year earlier to Rs 816.51 billion.

The company’s refining and petrochemicals business witnessed stronger volumes growth, Reliance said.

Gross refining margin, or profit earned on each barrel of crude processed -- a key profitability gauge for a refiner -- was $10.1 per barrel for the quarter.

Reliance gets 95% of its profit from oil and petrochemicals, but has been spending aggressively to expand into new areas such as retail, telecoms and e-commerce.

In September, its ambitious Reliance Jio Infocomm unit started offering commercial 4G telecoms services.

($1 = Rs 66.7819)