India's Reliance misses profit estimates on weak fuel sales margin

A guard walks past the Reliance Industries logo
near the entrance of Dhirubhai Ambani Knowledge City
 in Navi Mumbai

BENGALURU (Reuters) -Reliance Industries, India's most valuable company, reported first-quarter profit below analysts' estimates on Friday, hurt by lower margins on fuel sales.

The billionaire Mukesh Ambani-led company said its consolidated profit fell to 151.38 billion rupees ($1.81 billion) in the April-to-June quarter, from 160.11 billion rupees a year earlier.

Analysts had estimated a profit of 162.87 billion rupees, according to LSEG data.

Oil-to-chemicals earnings before interest, taxes and depreciation fell 14.3% to 130.93 billion rupees from a year earlier, due to lower transportation fuel cracks, particularly gasoline cracks, which were down 30%, Reliance said in a statement.

By Reuters.

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