Reliance Industries Ltd posted its third consecutive drop in quarterly profit but beat street expectations as refining margins fell less than expected and treasury gains from its huge cash pile bolstered profits.
Net profit fell 21 percent to Rs 4,473 crore for the fiscal first quarter ended June from Rs 5,661crore a year earlier, the company said on Friday.
The company posted a better-than-expected gross refining margin of $7.6 per barrel for the quarter.
Reliance, which operates the world's biggest refining complex in Gujarat, was expected to post a net profit of Rs 4,360 crore according to a Reuters poll of brokerages.
Ahead of the results announcement, shares in Reliance ended down 0 .7 percent at Rs 722.65, in a weak Mumbai market