By Kim Richters
Reliance Industries Ltd. said Friday that its fourth-quarter net profit rose sharply from a year earlier when it booked an exceptional charge, but that it missed analysts' expectations.
The Indian energy and retail conglomerate said that net profit for the quarter ended March 31 rose to 132.27 billion Indian rupees ($1.78 billion) from INR63.48 billion a year earlier.
The result missed the estimate of INR139.13 billion from a poll of analysts by S&P Global Market Intelligence.
Fourth-quarter revenue increased to INR1.549 trillion from INR1.395 trillion a year earlier.
In the January-March quarter of 2020, Reliance's bottom line was hit by the inventory valuation losses of INR42.45 billion at its refining and petrochemical businesses as the Covid-19 pandemic caused sharp falls in crude oil prices.
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(END) Dow Jones Newswires