India’s Reliance reports 39% climb in Q3 net profit
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, India’s Reliance posted stronger financial results for the third quarter of the Indian fiscal year, which starts on April 1. The company’s net profit climbed 39% to INR72.90 billion ($1.08 billion) in the three months ended in December from INR52.56 billion ($778 million) in the previous year. The company’s Q3 net profit also beat analysts’ projections, which called for a profit of INR70.33 billion ($1.04 billion).
Reliance’s stronger results in the October-December period were driven by improved refining margins. The company reported that its gross profit for processed crude was $11.50/bbl, their highest margin in seven years.
Reliance’s stronger results in the October-December period were driven by improved refining margins. The company reported that its gross profit for processed crude was $11.50/bbl, their highest margin in seven years.
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