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India’s Reliance’s Q3 net profit hits 9-year-high

by ChemOrbis Editorial Team -
  • 17/01/2017 (15:05)
According to media reports, India’s Reliance, which is one of the world’s biggest oil-refining operators, recorded stronger financial results for the third quarter of the Indian fiscal year, which ended on December 31. The company’s net profit climbed 10% to INR80.2 billion ($1.18 billion) in the three months ended in December on a yearly basis. The company’s Q3 net profit was the highest of nine years and in parallel with the analysts’ estimates, which called for a profit of INR78.5 billion ($1.15 billion).

Reliance’s stronger results in Q3 were driven by higher earnings from the petrochemicals business of the company as well as the good oil, polyester and polymer demand.

The earnings of the company per share increased to INR24.7 when compared to INR22.5 in the previous year.
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