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India’s Reliance reports stronger financial results for Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 19/10/2015 (11:18)
According to a press release on the company’s website, India’s Reliance posted stronger results for the second quarter of the Indian fiscal year, which starts on April 1. The company’s net profit rose 12.5% to INR67.20 billion ($1.04 billion) in the three months ended in September from INR59.72 billion ($921.6 million) in the previous quarter. The company’s Q2 net profit also beat analysts’ projections, which called for a profit of INR59.47 billion ($917.8 million).

Reliance’s stronger financial results in the July-September period were driven by improved refining margins driven by a lower crude oil bill, which nearly halved to INR411.92 billion ($6.35 billion) from INR818.15 billion ($12.6 billion) in the same period of 2014. However, Reliance’s revenue declined to around INR709 billion ($10.9 billion) from INR1.098 trillion ($16.9 billion) from a year earlier due to declines in prices for crude oil and petroleum products.
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