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IndiaReliance enjoys petchem rebound but profit misses estimates
ReutersSachin Ravikumar
2 minute read
Labourers rest in front of an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, March 2, 2016. REUTERS/Shailesh Andrade
India s Reliance Industries (RELI.NS) said on Friday its quarterly profit doubled, led by a rebound in its petrochemicals and retail businesses, but fell short of analysts estimates as costs jumped 10%.
The oil-to-telecoms conglomerate, led by billionaire Mukesh Ambani, said consolidated profit climbed 108% to 132.27 billion rupees ($1.79 billion) in the three months to March 31. Analysts on average had expected 134.91 billion rupees, according to Refinitiv data.
Revenue at Reliance s oil-to-chemicals unit â home to both its refining and petrochemicals operations â rose 4.5% in the March quarter. The Mumbai-headquartered company benefited from pent-up demand globally for petrochemical products like PVC plastics,
Reliance enjoys petchem rebound but profit misses estimates
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