Reliance Industries' First-Quarter Net Profit Fell, Missing Expectations
By Pierre Bertrand
Reliance Industries reported a drop in first-quarter net profit, which missed analysts' expectations, despite an increase in revenue.
The Indian conglomerate said Friday that net profit fell 5.4% to 151.38 billion rupees ($1.81 billion) for the three months ended June 30 from INR160.11 billion in the year-earlier period.
That result undershot the estimate of INR166.82 billion in a poll of analysts by data provider FactSet.
Revenue, meanwhile, rose to INR2.36 trillion from INR2.108 trillion.
Reliance Industries reported an on-year decline in earnings before interest and taxes for its oil to chemicals business, which reported INR106.86 billion from INR131.96 billion a year ago.
Its digital services business reported an 11% jump in Ebit to INR88.06 billion.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
July 19, 2024 10:36 ET (14:36 GMT)
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