Oct 15, 2024 12:07 PM IST
Reliance Industries Ltd. reported a 4.8% drop in net income to 165.6 billion rupees, missing analysts’ estimates for the sixth consecutive quarter.
Reliance Industries Ltd., controlled by billionaire Mukesh Ambani, reported profit that again missed analysts’ estimates, as weak margins from its core oil refining business outweighed the benefits trickling in from higher telecom tariffs.
Net income at India’s largest company by market value slipped 4.8% to 165.6 billion rupees ($2 billion) for the quarter ended Sept. 30 compared with the same period last year, according to an exchange filing Monday. That fell short of the 188.14 billion rupees average of analyst estimates compiled by Bloomberg, making this the sixth straight quarter of earnings miss.
The refining-to-retail conglomerate reported a revenue to 2.35 trillion rupees, meeting estimates. Total costs climbed 1.4% to 2.15 trillion rupees, the filing said. Other income surged 27% to 48.8 billion rupees.
“Our performance reflects robust growth in digital services and upstream business,” Ambani said in a statement. “This helped partially offset weak contribution from oil-to-chemicals business which was impacted by unfavorable global demand-supply dynamics.”