India’s Reliance Posts Weak Profits On Underperforming Refining Segment

India’s largest energy company, Reliance Industries (NSE: RELIANCE), has posted lower-than-expected Q2 2023 profits after its petrochemicals and refining businesses underperformed. The oil-to-retail conglomerate owned by Asia’s richest man Mukesh Ambani saw net income fall 11% Y/Y to 160.1 billion rupees ($1.95 billion), well below the average 183.02 billion rupee profit estimated by a Bloomberg survey of analysts. Revenue was down 5.8% to 2.1 trillion rupees, in-line with Wall Street estimates, while costs dipped…