Mumbai: Energy major Reliance Industries met forecasts with a 6.6% fall in quarterly profit as gas production from its field off India’s east coast helped to offset lower refining margins.
Reliance, India’s largest conglomerate with interests in petrochemicals, refining, oil and gas exploration, and retail, reported a net profit of Rs3,850 crore ($816 million) for the quarter ended 30 September, down from Rs4,120 crore a year earlier.
It was the fourth straight fall in quarterly profit. Reliance said the results had been reworked and restated to include figures from Reliance Petroleum, which it recently absorbed.
A Reuters poll of 13 analysts had forecast a net profit of Rs3,860 crore.
Reliance’s refining margins fell to $6 per barrel in the second quarter, Indian television reported, from $13.4 a year earlier. Analysts had expected $6.6 per barrel.
Ahead of the results, Reliance, India’s top listed firm with a market value of about $71.2 billion, fell 1.6% in a Mumbai market that was down 1.4%.
The company’s shares gained 8.8% in July-September, underperforming an 18.2% rise in the broader index.
Billionaire Mukesh Ambani-controlled Reliance Industries and Reliance Natural Resources, led by younger brother Anil Ambani, are embroiled in a legal battle over the terms of a deal to sell gas to Reliance Natural at below the price set by the government.