India’s Reliance posts 12.5 pc rise in profit

AFP, MUMBAI:  Indian oil-to-telecom conglomerate Reliance Industries on Friday recorded a 12.5 per cent rise in its second-quarter net profit, boosted by higher margins from its core oil refining business.

Consolidated net profit for the three months through September rose to 81.09 billion rupees ($1.2 billion), up from 72.06 billion rupees a year earlier, said the Mumbai-based firm, owned by India’s richest man Mukesh Ambani.

“Increase in revenue is primarily on account of increase in prices and volumes in refining, petrochemical and retail businesses,” the company said in a statement.

The figures failed to surpass projections from seven analysts surveyed by Bloomberg, who predicted around 86.87 billion rupees for the quarter ended in September.

Revenue for the period was up 11.5 per cent to 717.61 billion rupees.

Ambani said Reliance had “reported robust performance”, with strong margins from its petrochemical and refining businesses, and a “positive contribution” from its 4G telecom services Reliance Jio—despite the recently formed division making a loss.

Reliance said its gross refining margin—the profit earned from each barrel of crude—was up to $12 in the quarter from $10.1 a year earlier.

Indias Reliance posts 12.5 pc rise in profit

AFP, MUMBAI: Indian oil-to-telecom conglomerate Reliance Industries on Friday recorded a 12.5 per cent rise in its second-quarter net profit, boosted by higher margins from its core oil refining business. Consolidated net profit for the three months through September rose to 81.09 billion rupees ($1.2 billion), up from 72.06 billion rupees a year earlier, said the Mumbai-based firm, owned by Indias richest man Mukesh Ambani. Increase in revenue is primarily on account of increase in prices and volumes in refining, petrochemical and retail businesses, the company said in a statement. The figures failed to surpass projections from seven analysts surveyed by Bloomberg, who predicted around 86.87 billion rupees for the quarter ended in September. Revenue for the period was up 11.5 per cent to 717.61 billion rupees. Ambani said Reliance had reported robust performance, with strong margins from its petrochemical and refining businesses, and a positive contribution from its 4G telecom services Reliance Jiodespite the recently formed division making a loss. Reliance said its gross refining marginthe profit earned from each barrel of crudewas up to $12 in the quarter from $10.1 a year earlier.