Reliance Industries, the biggest oil refiner in India, is expected to report a drop in profits for its fourth quarter to March, driven by the oil price surge caused by the war in the Middle East.
Reliance Industries, the biggest oil refiner in India, is expected to report a drop in profits for its fourth quarter to March, driven by the oil price surge caused by the war in the Middle East. Based on a poll of brokerages, Reuters reported Reliance Industries could book a 3.7% decline in quarterly profits on an annual basis, even though revenues are seen 8.1% higher than a year earlier. “Refiner (including Reliance) earnings should in theory benefit from higher cracks, but high crude premiums and operating costs could be a material, uncertain…