Reliance profits soar 18pc

AFP, MUMBAI: India’s Reliance Industries said Friday its quarterly net profits soared 18.1 percent, boosted by higher margins in its key refining business and a falling rupee.
The Mumbai-based firm owned by Mukesh Ambani, India’s wealthiest man, said consolidated net profit for the three months through June climbed to 71.13 billion rupees (1.1) billion rupees from 60.24 billion rupees a year earlier.
”Our petrochemicals business has a wide product portfolio... and serves high-growth end-markets in India. As a result, we achieved yet another quarter of margin expansion in petrochemicals business,” Reliance said in a statement.
The company said the profit earned from each barrel of crude, or gross refining margin, was $11.50 in the just concluded quarter, up from $10.40 a year earlier.
A lower rupee also helped profits. The Indian currency averaged 66.94 to the dollar in the quarter, compared with 63.49 in the same period a year earlier, according to Bloomberg News.
”We maintained our earnings growth trajectory during this quarter, as the world grappled with new dimensions of economic uncertainty,” Ambani added in the statement.

Reliance profits soar 18pc

AFP, MUMBAI: Indias Reliance Industries said Friday its quarterly net profits soared 18.1 percent, boosted by higher margins in its key refining business and a falling rupee. The Mumbai-based firm owned by Mukesh Ambani, Indias wealthiest man, said consolidated net profit for the three months through June climbed to 71.13 billion rupees (1.1) billion rupees from 60.24 billion rupees a year earlier. Our petrochemicals business has a wide product portfolio... and serves high-growth end-markets in India. As a result, we achieved yet another quarter of margin expansion in petrochemicals business, Reliance said in a statement. The company said the profit earned from each barrel of crude, or gross refining margin, was $11.50 in the just concluded quarter, up from $10.40 a year earlier. A lower rupee also helped profits. The Indian currency averaged 66.94 to the dollar in the quarter, compared with 63.49 in the same period a year earlier, according to Bloomberg News. We maintained our earnings growth trajectory during this quarter, as the world grappled with new dimensions of economic uncertainty, Ambani added in the statement.