Reliance misses profit estimate on petrochemicals drag
This is the fourth straight quarter that Reliance’s profit has missed street estimates
Reliance Industries, led by billionaire Mukesh Ambani, posted a lower-than-expected quarterly profit as the petrochemicals business continued to be a drag despite a steady growth in its consumer businesses and a large surge in other income.
Net income at India’s largest company by market value fell 1.8 per cent to 189.5 billion rupees (S$3.09 billion) for the quarter ended March 31 compared with the same period last year, according to an exchange filing on Monday (Apr 22).
That fell short of the average 197.3 billion rupees profit estimated by a Bloomberg survey of analysts. This is the fourth straight quarter that Reliance’s profit has missed street estimates.
The energy-to-entertainment conglomerate reported a 9.5 per cent climb in revenue to 2.41 trillion rupees, topping analyst estimates.
Total costs rose 12 per cent to 2.18 trillion rupees. Other income jumped 57 per cent compared to the year-ago quarter. BLOOMBERG
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Microsoft offers cloud customers AMD alternative to Nvidia AI processors
CEO of fallen Eagle Hospitality Trust seeks to contest four criminal charges
Crypto boom, erratic rain spark outages in Laos, Asia’s clean power export hub
Bank of Japan in no rush to sell risky asset holdings
Gold prices set for second weekly gain on Fed rate outlook
China’s first special bond sale likely to see solid demand