Reliance Industries Expected to Report Profit Decline
Analysts expect Reliance to report a 3.7 percent drop in quarterly profit today as high crude costs weigh on its oil business. Revenue is seen rising 8.1 percent.
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RELIANCE INDUSTRIES LIMITED is expected to report a decline in its March-quarter profit as rising energy costs and geopolitical instability impact its core operations. Analysts anticipate that the conglomerate, led by billionaire Mukesh Ambani, will see a 3.7% year-over-year drop in consolidated net profit for the fourth quarter, despite a projected 8.1% increase in revenue. This pressure stems largely from the company's oil-to-chemicals division, which contributes nearly half of its total revenue and operates the world's largest refining complex in western India.
