Bangalore:
Reliance Industries Ltd, India’s most valuable company, reported a bigger-than-expected drop in quarterly profits on Friday, which was hurt by a lackluster performance from its dominant oil-to-chemicals business.
The Mukesh Ambani-led conglomerate’s consolidated profit fell 14.9 percent in the third quarter to Rs 157.92 billion ($1.95 billion).
It earned 185.49 billion rupees a year earlier, when it benefited from strong refining margins and demand for fuel.
Analysts had expected an average profit of 162.58 billion rupees for the last quarter, according to Refinitiv IBES. ($1 = 81,1100 Indian Rupees)
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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