21/07/2023 7:54:31 PM | Source: Reuters
India's Reliance Industries misses profit estimates
Reliance Industries Ltd, India's most valuable company, reported a wider-than-expected drop in first-quarter profit on Friday as its dominant oil-to-chemicals business was hurt by weak refining margins.
The Mukesh Ambani-led conglomerate said consolidated profit fell to 160.11 billion rupees ($1.95 billion) in the quarter ended June 30 from 179.55 billion rupees a year earlier.
Analysts expected the company to report a profit of 168.42 billion rupees.
They had also cautioned that the performance of the oil-to-chemicals business this quarter would be impacted by declines in gasoil and jet fuel cracks. The company stopped providing updates on gross refinery margins few quarters ago.
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