Reliance Profit Rises 16% on Refining as Gas Production Declines
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Reliance Industries Ltd., India’s biggest company by market value, posted a 16 percent increase in second-quarter profit as earnings from turning crude oil into fuels offset a drop in natural gas output.
Net income in the three months ended Sept. 30 rose to 57.03 billion rupees ($1.16 billion), or 17.40 rupees a share, from a year earlier, the Mumbai-based energy explorer and refiner said in a stock exchange filing yesterday. That matched the median profit estimate of 22 analysts surveyed by Bloomberg and was little changed from the previous quarter.