By Joshua Kirby
Reliance Industries Ltd. said Friday that its first-quarter net profit fell from a year earlier despite increased revenue.
The Indian energy-and-retail conglomerate said net profit for the quarter ended June 30 fell to 122.73 billion Indian rupees ($1.65 billion) from INR132.33 billion a year earlier. That beat an estimate of INR117.00 billion from a poll of analysts by S&P Global Market Intelligence.
First-quarter revenue meanwhile increased to INR1.44 trillion from INR912.38 billion a year earlier. The impact of the coronavirus was significantly felt only in the retail segment, the company said.
Write to Joshua Kirby at firstname.lastname@example.org; @joshualeokirby
(END) Dow Jones Newswires