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)