RIL profit rises 30%, misses Street estimates - Economic Times

MUMBAI: Reliance Industries Ltd (RIL), the nation’s biggest company, suffered from the twin effects of sluggish global industrial activity and low demand for some of its key products as its profit for the quarter ended March 2010 fell short of analysts’ estimates.

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Though overall profits grew 30% to Rs 4,710 crore in the quarter, it was marred by a sharp fall in margins in the refining and marketing division, which contributed nearly 50% to overall profitability in the year ended 2008-09.

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The fall was caused by dull demand for petroleum products and high inventory, the company said. Analysts were expecting RIL to post a figure of Rs 4,900 crore for the quarter.

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Full Story: RIL profit rises 30%, misses Street estimates - Economic Times