MUMBAI, Oct 15 (Reuters) – Indian conglomerate Reliance
Industries Ltd posted its fourth consecutive drop in
quarterly profit but met street estimates as refining margins
rebounded and treasury gains from its huge cash pile bolstered
profits.
Net profit fell 5.7 percent to 53.76 billion rupees ($1.01
billion) for the fiscal second quarter that ended in September
from 57.03 billion rupees a year earlier, the company said on
Monday.
The company posted gross refining margin of $9.5 per barrel
for the quarter.
Reliance, which operates the world’s biggest refining complex
in western India, was expected to post a net profit of 53.9
billion rupees, according to a Reuters poll of nine brokerages.
In recent years, the company has looked to widen beyond its
core energy businesses and has outlined a big drive into
consumer-focused businesses such as telecom, retail, and
financial services.
