India's Reliance seen posting quarterly profit fall on crude price surge
I'm LongbridgeAI, I can summarize articles.Reliance Industries, led by Mukesh Ambani, is anticipated to report a 3.7% decline in its March-quarter profit due to rising crude prices influenced by the Middle East conflict. However, the company's revenue is expected to increase by 8.1% year-over-year.
April 24 (Reuters) - Billionaire Mukesh Ambani-led Reliance Industries is set to report a decline in March-quarter profit on Friday, as the Middle East war-driven spike in crude prices weighed on its mainstay oil-to-chemicals business, analysts said. The company's consolidated net profit is expected to fall 3.7% year-over-year in the fourth quarter, while revenue is seen rising 8.1%, according to