Reliance Industries 2Q Net Profit Missed Expectations
By Pierre Bertrand
Reliance Industries reported a rise in net profit for the second quarter, but missed analysts' expectations.
The Indian conglomerate said that it made 173.94 billion rupees ($2.09 billion) in quarterly profit on Friday, compared with INR136.56 billion a year ago.
Net profit climbed 27% from a year earlier, but missed expectations of INR180.83 billion according to analysts polled by FactSet.
The company's earnings before interest and taxes increased by 30% to INR306.27 billion led by its oil to chemicals business whose earnings grew 44% in the period.
Revenue for the three months ended on Sept. 30 grew 1.2% to INR2.349 trillion.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 27, 2023 10:36 ET (14:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks