Reliance Industries' quarterly earnings surpassed analysts' expectations thanks to strong refining margins and steady growth in the consumer technology business. According to an exchange document on Friday, in the three months ending June 30, the company's net profit fell 22% year over year to 209.5 billion rupees. This figure exceeds the average profit forecast of 198.23 billion rupees drawn from Bloomberg's survey of brokerage forecasts. The year-on-year decline in profits was not surprising, as data for the same period last year was boosted by huge one-time earnings from the faithful sale of its shares in Asian Coatings.

Reliance Industries' quarterly earnings surpassed analysts' expectations thanks to strong refining margins and steady growth in the consumer technology business. According to an exchange document on Friday, in the three months ending June 30, the company's net profit fell 22% year over year to 209.5 billion rupees. This figure exceeds the average profit forecast of 198.23 billion rupees drawn from Bloomberg's survey of brokerage forecasts. The year-on-year decline in profits was not surprising, as data for the same period last year was boosted by huge one-time earnings from the faithful sale of its shares in Asian Coatings.