Reliance Industries quarterly profit up 1.5 pct, meets estimates

Oct 14 2013, 18:37 IST
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Reliance Industries, controlled by India's richest man, Mukesh Ambani, posted an average gross refining margin of $7.7 per barrel. Reuters Reliance Industries, controlled by India's richest man, Mukesh Ambani, posted an average gross refining margin of $7.7 per barrel. Reuters
SummaryReliance Industries, which operates world's biggest refining complex, said net profit was $898 million.

Indian energy conglomerate Reliance Industries Ltd (RIL) met analyst estimates by posting a 1.5 percent rise in September quarter net profit, fuelled by higher refining and petrochemicals sales and a weaker Indian rupee, which helped cushion the impact of slimmer margins in its oil refining business.

Reliance Industries, which in western India operates the world's biggest refining complex, said net profit was 54.9 billion rupees ($898 million) in the three months to Sept. 30, compared with 54.09 billion rupees in the same period a year earlier.

The mean Reliance Industries earnings estimate of 11 analysts surveyed was for 54.9 billion rupees.

Reliance Industries, controlled by India's richest man, Mukesh Ambani, posted an average gross refining margin of $7.7 per barrel for the quarter, down from $9.5 a year earlier.

Reliance Industries's growth is tied to its offshore Krishna Godavari D6 field, which the government expects to supply a significant portion of the country's gas.

The government may appoint an international expert to investigate a decline in output from the field, the oil secretary said last month.

The decline, since April 2010, has led to supply cuts for electricity generation and other sectors.

($1 = 61.1350 Indian rupees)

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