By Debiprasad Nayak

MUMBAI--Indian energy-to-telecoms conglomerate Reliance Industries Ltd. said Thursday its net profit fell 23% last quarter, hurt by higher expenses and a one-time gain a year earlier.

The company, which operates the world's largest crude oil refining facility, said consolidated net profit in the three months ended Sept. 30 fell to 72.06 billion rupees ($1.08 billion), from 93.45 billion rupees a year earlier. Last year's profit was boosted by a one-time gain of 43.10 billion rupees thanks to the sale of an associate EFS Midstream LLC.

The latest quarter profit was almost in-line with the 72.20 billion rupees consensus forecast of analysts surveyed by Thomson Reuters.

Excluding the one-time gain, net profit rose 43% over the last year, Reliance said in a statement. Chairman Mukesh Ambani said higher volumes and supportive profit margins in the company's petrochemical business helped boost revenue.

Revenue rose 9.6% to 816.51 billion rupees.

The company's gross refining margin, or the difference between what it paid for crude oil and the price it charged for refined products, fell to $10.1 per barrel last quarter, from $10.6 a barrel a year earlier.

Reliance has made forays in telecommunications and retail businesses, spending aggressively to expand its revenue sources and reduce dependence on the country's heavily-regulated oil and gas sector.

In September, the company launched its mobile services Reliance Jio. It added over 16 million subscribers in the first month of operations, it said in a statement.

Write to Debiprasad Nayak at debi.nayak@wsj.com

(END) Dow Jones Newswires

October 20, 2016 09:19 ET (13:19 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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