India's Reliance Q2 profit down 6 pct, meets forecast

Source : REUTERS
Last Updated: Mon, Oct 15, 2012 12:40 hrs

MUMBAI, Oct 15 (Reuters) - Indian conglomerate Reliance Industries Ltd posted its fourth consecutive drop in quarterly profit but met street estimates as refining margins rebounded and treasury gains from its huge cash pile bolstered profits.

Net profit fell 5.7 percent to 53.76 billion rupees ($1.01 billion) for the fiscal second quarter that ended in September from 57.03 billion rupees a year earlier, the company said on Monday.

The company posted gross refining margin of $9.5 per barrel for the quarter.

Reliance, which operates the world's biggest refining complex in western India, was expected to post a net profit of 53.9 billion rupees, according to a Reuters poll of nine brokerages.

In recent years, the company has looked to widen beyond its core energy businesses and has outlined a big drive into consumer-focused businesses such as telecom, retail, and financial services.

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