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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS EXCLUSIVE

REUTERS SHOWCASE

iOS 8 Issue

iOS 8 Issue

iOS 8 causing Bluetooth connectivity issues - Apple news blog  Full Article 

Modi In U.S.

Modi In U.S.

Obama, Modi work to deepen improving U.S.-India ties  Full Article | Full Coverage 

NYT Job Cut

NYT Job Cut

New York Times to cut jobs as new products disappoint  Full Article 

Factory Activity

Factory Activity

Factories expand at slowest pace this year in September  Full Article 

Monetary Policy

Monetary Policy

RBI not biased towards either raising or cutting rates - Rajan  Full Article 

Weak Demand

Weak Demand

Weak demand hits factory activity across Asia, Europe  Full Article 

Pimco Fund

Pimco Fund

Pimco Total Return Fund posts record $23.5 bln net outflow in Sept  Full Article 

Hopeful of Profit

Hopeful of Profit

GM sees first European profit in 2016 after years of losses  Full Article 

Reuters India Mobile

Reuters India Mobile

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