Reliance Industries Hit By Unexpected Drop In Quarterly Profit

Analysts, on common, had anticipated a revenue of 162.58 billion rupees for the newest quarter.

Bengaluru:

Reliance Industries Ltd, India’s most useful firm, reported a bigger-than-expected drop in quarterly revenue on Friday, harm by a subdued efficiency at its dominant oil-to-chemicals enterprise.

The Mukesh Ambani-led conglomerate’s consolidated revenue fell 14.9 per cent to 157.92 billion rupees ($1.95 billion) within the third quarter.

It earned 185.49 billion rupees a 12 months earlier, when it benefited from robust refining margins and demand for gasoline.

Analysts, on common, had anticipated a revenue of 162.58 billion rupees for the newest quarter, in keeping with Refinitiv IBES. ($1 = 81.1100 Indian rupees)

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