India’s Reliance reports stronger Q4 profit

According to media reports, India’s Reliance Industries’ net profit climbed by 12.8% in Q4 of the Indian fiscal year that ended on March 31 and beat the analysts’ expectations.

The reports revealed that the company’s standalone net profit, which indicates the company’s profit only in the refining, petrochemicals and oil and gas exploration businesses, increased to INR81.51 billion ($1.26 billion) in the fourth quarter from INR72.27 billion ($1.12 billion) from the same period of last year.

Analysts had expected the company’s profit to stand around INR80.10 billion ($1.24 billion).
Reliance’s stronger results were driven by improved margins in its core business. The company reported that its gross profit for processed crude was $11.5/bbl, a lot higher when compared to the same period of last year.