India's largest private sector company, the Mukesh Ambani-controlled Reliance Industries, Thursday reported a 1 percent drop in net profits for the quarter ended March 31 at Rs.3,874 crore (Rs.38.74 billion or $774.8 million).

The turnover of the oil refining to retail major also dipped nearly 24 percent at Rs.29,073 crore for the fourth quarter in what had been a difficult year for oil refining companies in the wake of high crude prices and lower margins.

The results were announced after close of the bourses, with the company's scrip ending at Rs.1,762.35 with a gain of 2.7 percent over the previous close at the Bombay Stock Exchange.