Reliance Industries met forecasts with a 6.6 per cent fall in quarterly profit as gas production from its field off India's east coast helped to offset lower refining margins.
Reliance, India's largest conglomerate with interests in petrochemicals, refining, oil and gas exploration, and retail, reported a net profit of Rs 3850 crore ($816 million) for the quarter ended Sept. 30, down from Rs 4120 crore a year earlier.
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It was the fourth straight fall in quarterly profit. Reliance said the results had been reworked and restated to include figures from Reliance Petroleum, which it recently absorbed.
A Reuters poll of 13 analysts had forecast a net profit of Rs 3860 crore.
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Reliance's refining margins fell to $6 per barrel in the second quarter from $13.4 a year earlier. Analysts had expected $6.6 per barrel.
Ahead of the results, Reliance shares fell 1.6 per cent on the BSE, which was down 1.4 per cent.
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The company's shares gained 8.8 per cent in July-September, underperforming an 18.2 per cent rise in the broader index.
Mukesh Ambani-controlled Reliance Industries and Reliance Natural Resources, led by younger brother Anil Ambani, are embroiled in a legal battle over the terms of a deal to sell gas to Reliance Natural at below the price set by the government.
