Reliance net drops 21% to Rs 4,473 cr

Reliance Industries on Friday reported 21 per cent drop in net profit in the April-June quarter at Rs 4,473 crore (Rs 44.73 billion) because of falling output at its showpiece gas field off the Andhra coast.

Net profit in the first quarter, 2012-13, at Rs 4,473 crore was down from Rs 5,661 crore (Rs 56.61 billion) in the year-ago period, the company said in regulatory filing to the stock exchanges.

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Profit was, however, higher than Rs 4,236 crore (Rs 42.36 billion) in the fourth quarter, January-March, of last fiscal.

The company beat street expectations.

RIL Q1 revenue was up nearly 8 per cent at Rs 91,875 crore (Rs 918.75 billion).

Its other income almost doubled to Rs 1,904 crore (Rs 19.04 billion).