Reliance Industries, the country’s biggest refiner in the private sector, said its profit for seven quarters ended December 31, 2008 would have been lower by Rs 1,147 crore if it had followed the Accounting Standard 11 as prescribed by the guidelines on “effects of changes in foreign exchange rates’’.
The refiner’s profit would have been lower by Rs 39 crore for the three months ended December, following the practise and by Rs 1,177 crore for nine months ended December, the company said in a statement to the NSE.
