Reliance Industries Q1 profit down 21 pct, beats forecast

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Reliance Industries Ltd posted its third consecutive drop in quarterly profit but beat street expectations as refining margins fell less than expected and treasury gains from its huge cash pile bolstered profits.

Net profit fell 21 percent to 44.73 billion rupees for the fiscal first quarter ended June from 56.61 billion rupees a year earlier, the company said on Friday.

The company posted a better-than-expected gross refining margin of $7.6 per barrel for the quarter.

Reliance, which operates the world's biggest refining complex in Gujarat, was expected to post a net profit of 43.6 billion rupees, according to a Reuters poll of brokerages.

Ahead of the results announcement, shares in Reliance ended d own 0 .7 percent at 722.65 rupees, in a weak Mumbai market .BSESN.