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Reliance Industries fiscal Q2 profit climbs 5.2% YOY

Reliance Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 8.76 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 9.21 rupees per share.

EPS increased 5.0% year over year from 8.34 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 51.62 billion rupees, a gain of 5.2% from 49.07 billion rupees in the year-earlier period.

The normalized profit margin rose to 7.3% from 4.5% in the year-earlier period.

Total revenue fell 35.4% on an annual basis to 709.01 billion rupees from 1.098 trillion rupees, and total operating expenses declined 38.5% on an annual basis to 633.68 billion rupees from 1.030 trillion rupees.

Reported net income increased 12.5% on an annual basis to 67.20 billion rupees, or 11.40 rupees per share, from 59.72 billion rupees, or 10.15 rupees per share.

As of Oct. 16, US$1 was equivalent to 64.73 Indian rupees.