Reliance Q1 profit up 13.7 pct, beats estimates

Source : REUTERS
Last Updated: Sat, Jul 19, 2014 18:25 hrs
A man walks past a Reliance Industries Limited sign board installed on a road divider in Gandhinagar

Energy conglomerate Reliance Industries Ltd posted a 13.7 percent rise in quarterly net profit, beating street expectations, helped by strong revenue growth in its refining and oil and gas businesses.

Reliance, controlled by India's richest man, Mukesh Ambani, posted net profit of 59.57 billion rupees ($988 million) for its fiscal first quarter ended June, up from 52.37 billion rupees a year earlier.

Analysts on average expected the company, which operates the world's biggest refinery complex in a single location in western India, to earn a net profit of 56.14 billion rupees, according to Thomson Reuters data.

($1 = 60.2800 rupees)

More from Sify: