Worries ahead of Reliance Industries' Q4 earnings

Apr 16, 2012 |

Reuters

mumbai

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Reliance Industries remains under pressure ahead of its earnings results due out on Friday.

Doubts about how much natural gas can be extracted from Reliance's KG-D6 blocks, and worries over its refining margins, as well as its usage of cash, have led to a string of analyst downgrades in recent weeks.

Top-ranked analysts from StarMine are much more pessimistic about Reliance's upcoming earnings, forecasting a fiscal fourth quarter net profit of Rs 42.58 billion, nearly 7 per cent below the wider consensus forecasts.

Operating profits are seen at Rs 68.97 billion by this select group, 2.7 per cent below consensus estimates, according to StarMine's SmartEstimates.

Shares of Reliance Industries were down 0.3 per cent in afternoon trading. Shares have fallen about 8.5 per cent since the beginning of March, compared with a 3.3 per cent fall in the broader Nifty index.

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