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Reliance Industries profit holds relatively steady YOY in fiscal Q3

Reliance Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 7.40 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 8.36 rupees per share.

In the prior-year period, the per-share result came in at a profit of 7.42 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 43.71 billion rupees, compared with 43.69 billion rupees in the year-earlier period.

The normalized profit margin climbed to 4.7% from 3.7% in the year-earlier period.

Total revenue declined 20.8% on an annual basis to 935.28 billion rupees from 1.180 trillion rupees, and total operating expenses declined 21.7% on an annual basis to 877.93 billion rupees from 1.122 trillion rupees.

Reported net income decreased year over year to 52.56 billion rupees, or 8.90 rupees per share, from 55.02 billion rupees, or 9.35 rupees per share.

As of Jan. 16, US$1 was equivalent to 61.69 Indian rupees.