India’s Reliance Industries reported fourth-quarter profit above analysts’ estimates on Monday, boosted by strong performance at its mainstay oil to chemicals (O2C) segment.
The billionaire Mukesh Ambani-led company said its consolidated profit fell about 2 per cent to 189.51 billion Indian rupees ($2.27-billion) in the January-March quarter, but edged past analysts’ average estimate of 185.22 billion rupees, according to LSEG data.
The company, India’s largest by market value, said its consolidated revenue gained 11.6 per cent to 2.41 trillion rupees.
Revenue from the oil-to-chemicals unit rose 10.9 per cent, primarily driven by improved price realisation for transportation fuels and higher volumes, Reliance said in a statement.
The company’s total expenses, however, surged 11.8 per cent, mainly due to higher depreciation and amortisation costs.