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Reliance posts biggest quarterly net income in 7 years in Q1

by ChemOrbis Editorial Team -
  • 17/04/2015 (17:22)
According to media reports, India’s Reliance posted its biggest quarterly net income in seven years in the first quarter. The company’s net profit increased 10.8% to 62.4 billion rupees ($1 billion) compared with 56.3 billion rupees ($901.5 million) in the same period of 2014. Reliance’s Q1 net profit also beat analysts’ initial estimates, which called for a profit of 59.6 billion rupees ($954.4 million) in a survey by Bloomberg.

However, the company’s sales reportedly decreased 41% to reach 560.4 billion rupees ($8.97 billion) due to plunging crude prices and lower gas output. The company’s higher profits were attributed to higher income from crude oil refining.

The higher than expected net income will enable the company to boost petrochemical production capacity as well as their other activities in growing markets like smartphones. Reliance has reportedly spent approximately 1 trillion rupees ($16 billion) in the first three months for expansion projects in many fields including petrochemicals, refining and US shale gas projects.
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