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Reliance Industries posts 24% jump in Oct-Dec quarter net profit

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Mukesh Ambani (AP) Mukesh Ambani (AP)
SummaryRIL today reported a jump in its December quarter net profit to Rs 5,502 cr.

a barrel for the quarter, compared with $6.8 a year earlier and $9.5 in the previous three months.

Analysts had expected Reliance, controlled by India's richest man Mukesh Ambani, to post a net profit of 51.2 billion rupees, according to Thomson Reuters data.

"Refining is doing sufficiently well but ... clarity is still required on where the next round of revenue growth will come from," said Rikesh Parikh, vice president for equities at Mumbai brokerage Motilal Oswal Securities Ltd.

Reliance, India's biggest company by market value, has been under pressure from investors on account of its slowing energy business and a drive into consumer-focused sectors such as telecoms, retail and financial services, in which it is yet to turn a profit.

The results were released after the close of trade in India. Shares in the Mumbai-based conglomerate, valued at $52.6 billion, closed up 1.2 percent ahead of the results.

The stock rose by a fifth in 2012, but lagged a 26 percent increase in the main stock index.

The profit rise came despite falling production at the company's key natural gas field off India's east coast and a cut in its estimated reserves by about two-thirds.

The government is expected to increase natural gas prices by 2014, a move that would help Reliance and its partner, BP Plc , justify higher expenditure on the block.

Reliance said it held $14.7 billion in cash at the end of December and had debts of $13.1 billion.

($1= 54.29 rupees)

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