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India’s Reliance’s net profit rises 18% in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 21/10/2016 (11:53)
According to media reports, India’s Reliance which is one of the world’s biggest oil-refining complexes, recorded stronger financial results for the second quarter of the Indian fiscal year, which starts on April 1. The company’s net profit climbed 18% to INR77.04 billion ($1.2 billion) in the three months ended in September. The company’s Q2 net profit also beat analysts’ estimates, which called for a profit of INR72.4 billion ($1.08 billion).

Reliance’s stronger results in the July-September period were driven by higher earnings from the petrochemicals business of the company. The company reported that its gross refining margin was $10.10/bbl in Q2 from $11.50/bbl in the April-June period and $10.60/bbl in the same month of last year. The earnings of the company per share increased to INR23.7 when compared to INR20.1 in the previous year. Meanwhile, sales of the company decreased to INR643.4 billion from the last year.

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