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Reliance Q2 net up 7.4 pct at Rs 41.22 bn

This article was posted on Oct 24, 2008 and is filed under Stock News

India’s biggest energy group, Reliance Industries Ltd, beat market forecasts with a 7.4 per cent rise in quarterly profit on Thursday, helped by stronger than expected refining margins. The leading petrochemicals maker, which runs a 660,000 barrels per day refinery in western India, said net profit rose to 41.22 billion rupees ($828 million) in its fiscal second quarter ended Sept. 30 from 38.37 billion reported a year earlier.

Analysts had forecast a net profit of 39.2 billion rupees.

Net revenue at the company, India’s most valuable with a market value of $45 billion, grew to 447.9 billion rupees from 320.4 billion.

Reliance’s refining margins for the quarter were $13.4 a barrel television news channels reported, well above the benchmark Asian Dubai crack margin, which averaged about $5.8 a barrel in the period.

Shares in Reliance dropped 7 per cent in July-September, compared with a 0.3 per cent rise in the sector index and a 4.5 per cent decline in the broader market.

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