Reliance Industries 2Q Net Profit Missed Expectations
By Pierre Bertrand
Reliance Industries reported a rise in net profit for the second quarter, but missed analysts' expectations.
The Indian conglomerate said that it made 173.94 billion rupees ($2.09 billion) in quarterly profit on Friday, compared with INR136.56 billion a year ago.
Net profit climbed 27% from a year earlier, but missed expectations of INR180.83 billion according to analysts polled by FactSet.
The company's earnings before interest and taxes increased by 30% to INR306.27 billion led by its oil to chemicals business whose earnings grew 44% in the period.
Revenue for the three months ended on Sept. 30 grew 1.2% to INR2.349 trillion.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 27, 2023 10:36 ET (14:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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