India's Reliance Industries Q3 revenue misses estimates

Reliance Industries, India’s most valuable company, reported third-quarter revenue that missed estimates due to lower price realisation on its refined products and shutdown of units at its refinery.

The Mukesh Ambani-led conglomerate said its consolidated revenue from operations rose 3.6 per cent to 2.28 trillion rupees (S$36.8 billion). Analysts had expected revenue of 2.31 billion rupees, according to LSEG data.

The company’s profit rose to 172.65 billion rupees in the quarter ended Dec 31 from 157.92 billion rupees a year earlier, edging past analysts’ estimates of 172.13 billion rupees.

Revenue from the company’s oil-to-chemicals unit fell 2.4 per cent, primarily on account of lower price realisation, while planned maintenance and inspection shutdown of units at its Jamnagar refinery complex impacted yields and profitability, Reliance said in a statement. REUTERS