Reliance Industries Posts Rise in 3Q Earnings
By Pierre Bertrand
Reliance Industries reported a rise in third-quarter net profit from a year earlier on the back of higher revenue, but missed analyst expectations.
The Indian conglomerate said Friday that net profit rose 9.3% to 172.65 billion rupees ($2.08 billion) for the three months ended Dec. 31 from INR157.92 billion in the year-earlier period.
That result came just shy of the estimate of INR172.93 billion in quarterly net profit, according to a poll of analysts by FactSet.
Earnings before interest and taxes for each of its business segments, including its oil to chemicals, oil and gas, retail and digital services businesses showed growth in the quarter.
EBIT at Reliance Industries' oil to chemicals business grew to INR119.93 billion from INR118.91 billion a year prior, while oil and gas grew 28% to IRN41.16 billion.
The company's digital services EBIT grew 11% on year to INR83.61 billion, while retail EBIT rose 31% on year to INR48.84 billion.
Third-quarter revenue increased 3.5% to INR2.28 trillion from INR2.201 trillion.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
January 19, 2024 08:35 ET (13:35 GMT)
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