Reliance Industries Second-Quarter Profit Misses On fall In Fuel Prices

New Delhi: India's most valuable company Reliance Industries (RELI.NS) reported a quarterly profit on Friday that missed estimates as its mainstay oil-to-chemicals (O2C) business was hurt by lower price realisation for refined fuel products.

The Mukesh Ambani-led conglomerate said its consolidated profit rose to 173.94 billion Indian rupees ($2.09 billion) in the second quarter ended Sept. 30, from 136.56 billion rupees a year earlier. Analysts had expected a profit of 184.63 billion rupees, according to LSEG data. The company posted lower margins following a fall in refined fuel prices.