Reliance Q3 net flat at Rs 5,511 crore

Energy conglomerate Reliance Industries reported a nearly flat profit of Rs 5,511 crore ($895 million) for the December quarter but beat analyst estimates, helped by stable margins in its main refining business.

Reliance, which operates the world's biggest refining complex in western India, was expected to report a net profit of Rs 5,340 crore for the quarter, based on the mean earnings estimate of 14 analysts on Thomson Reuters Starmine data.

Average gross refining margin (GRM) was $7.6 per barrel for the quarter, down from $9.6 a year earlier. Analysts had expected GRM to average $7.5 a barrel.

Last month, the government allowed Reliance to charge higher prices for gas from April after the company offered financial guarantees to settle any claims against it over shortfall in its gas output from its Krishna-Godavari basin's D6 block, off India's east coast.