Reliance Industries Q4 net profit dips 9.3%

Mumbai:

Corporate giant Reliance Industries posted a 9.3 per cent dip in its fourth-quarter net profit, while the turnover dropped about 25 per cent primarily due to lower revenues from oil and gas as well as the refining and marketing businesses.

The results were, however, better than the market expectations, as reflected in the share price surge earlier during the day when the RIL stock rose 2.7 per cent to Rs 1762.35 a share, analysts said.

RIL said that its net profit fell to Rs 3,546 crore in the quarter ended March 31, from Rs 3,912 crore a year ago.

Net profit for the year registered an even sharper fall of 21.5 per cent at Rs 15,279 crore from Rs 19,458 crore a year ago, but the turnover for the fiscal ended March 31 rose 8.3 per cent due to higher exports and revenue gains in oil and gas as also the refining and marketing businesses.

source: www.indianexpress.com