India's Reliance Q3 net profit up 24 pct, beats estimate

MUMBAI Fri Jan 18, 2013 6:10pm IST

Related Topics

Stocks

   

MUMBAI Jan 18 (Reuters) - Indian conglomerate Reliance Industries Ltd posted its first profit increase after four quarters of declining returns, buoyed by stronger oil refining margins.

Net profit rose 24 percent to 55.02 billion rupees ($1.01 billion) for the fiscal third quarter that ended in December from 44.4 billion rupees a year earlier, Reliance said on Friday.

Reliance, which operates the world's biggest refining complex, in western India, was expected to post a net profit of 51.2 billion rupees, according to Thomson Reuters data.

The company posted an average gross refining margin of $9.6 per barrel for the quarter, compared to $6.8 in the same period last year.

Reliance has looked to widen beyond its core energy business in recent years, and has outlined a big drive into consumer-focused sectors such as telecoms, retail, and financial services.

FILED UNDER:
  • Most Popular
  • Most Shared

Insight

REUTERS SHOWCASE

Border Talks

Border Talks

India names Ajit Doval as special envoy for China border talks.  Full Article 

WTO Deal

WTO Deal

U.S. seeks to step up India trade talks  Full Article 

Phone Masts

Phone Masts

American Tower to buy Bharti Nigeria phone masts for $1.1 billion  Full Article 

Infrastructure Plan

Infrastructure Plan

India targets private cash to build railways to its ports.  Full Article 

Shadow Banking

Shadow Banking

Reserve Bank planning more measures for NBFCs.  Full Article 

Auto Sector

Auto Sector

Hyundai Motor, Kia Motors lift 2014 global sales target on China, emerging markets  Full Article 

Oil Prices

Oil Prices

Some fund managers see oil falling to $60 without OPEC cut.  Full Article 

Project Shelved

Project Shelved

Jindal Steel shelves $10 bln project after coal setback.  Full Article 

Market Eye

Market Eye

Sensex, Nifty rise to record after China, ECB stimulus boosts risk appetite.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage