Reliance Industries Net Profit Falls
By Andrea Figueras
Reliance Industries reported a drop in fourth-quarter net profit, although the result came ahead of analysts' expectations.
The Indian conglomerate said Monday that net profit fell to 189.51 billion rupees ($2.27 billion) for the three months ended March 31 from INR192.99 billion in the year-earlier period.
The result beat the estimate of INR186.77 billion in quarterly net profit, according to a poll of analysts' forecasts compiled by FactSet.
The company posted higher earnings before interest and taxes for each of its segments, which include its oil to chemicals, oil and gas, retail and digital-services businesses.
EBIT for its oil-to-chemicals division--the conglomerate's largest contributor to group revenue--climbed to INR143.55 billion from INR141.94 billion during the same months in the prior year.
As for the mobile and digital services business, it saw an increase in EBIT to INR86.01 billion from INR77.53 billion.
Fourth-quarter revenue increased to INR2.407 trillion from INR2.163 trillion previously.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
April 22, 2024 10:23 ET (14:23 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Do Stock Splits Really Matter?
-
5 Hot Stocks to Sell Before They Report Earnings
-
Q3 2024: Market Insights on Stocks, Bonds, and the Economy
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
Markets Brief: Politics Make a Comeback
-
Pimco’s Ivascyn: Why Investors Should Switch Their 60/40 Portfolio to 40/60
-
What’s Happening in the Markets This Week
-
Is Intel Stock a Buy After Its Big Selloff?
-
PNC Earnings: Net Interest Income Holds Up Relatively Well
-
Charles Schwab Earnings: Despite Sequential Decline, We Still Believe in Medium-Term Growth Story
-
Bank of America Earnings: Encouraging NII Guidance and Expense Control Should Boost Profitability
-
UnitedHealth Earnings: Solid Performance, Outlook Maintained Despite Challenges
-
The Best REITs to Buy
-
2 of the Best Undervalued Stocks to Buy in a Top-Performing Sector
-
BlackRock Earnings: Market Gains Offset Slightly Weaker Inflows as Firm Hits Record AUM
-
Citigroup Earnings: Continued Expense Diligence Will Be Key for Turnaround Efforts