India’s Reliance Industries Q1 profit up 19%
MUMBAI, Maharashtra (AFP) – Reliance Industries, India’s largest private firm, on Friday reported a 19 percent rise in quarterly net profit, beating estimates as better margins from refining offset lower natural gas output.
The energy giant, controlled by India’s wealthiest man Mukesh Ambani, said consolidated net profit rose 18.9 percent to 53.52 billion rupees ($896 million) in the three months ended June, from 45.03 billion rupees a year ago.
“Reliance achieved strong results during the first quarter, while investing in projects that will provide sustainable advantage for a longer period,” Ambani said in a statement.
The earnings beat analysts’ expectations of a 52.7 billion rupee profit.
Reliance’s gross refining margins (GRMs) for the first quarter rose 10.5 percent to $8.4 a barrel from $7.6 a year earlier.
Turnover however fell 4.6 percent to 905.8 billion rupees.
Analysts have been concerned in recent months about Reliance’s ability to boost gas production from its oil blocks off India’s east coast
Read more: http://www.foxnews.com/world/2013/07/19/india-reliance-industries-q1-profit-up-1/#ixzz2ZVUjL7Rj
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