Reliance profits drop on lower output

Declining output: KG-D6 production fall hits Reliance Industries

RELIANCE INDUSTRIES

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Bill Lehane ,

News Wires

 18 January 2013 15:28 GMT

Indian conglomerate Reliance Industries has lifted quarterly profits, buoyed by improving refining margins, but saw nine-month results tumble over falling upstream output.

Net profit beat expectations to rise 24% in the fourth quarter of 2012 to 55.02 billion rupees ($1 billion), on net sales up more than 10% from a year earlier to 938.9 billion, Reliance said on Friday.

Analysts had expected Reliance, controlled by India's richest man Mukesh Ambani, to post a net profit of 51.2 billion rupees, according to Reuters data.

The profit rise came despite falling production at the company's key natural gas field off India's east coast and a cut in its estimated reserves by about two-thirds.

In exploration and production, three-…

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