Reliance Industries posts record profit

Reliance Industries posts record profitReliance Industries, the largest listed firm of India, has communicated that its fiscal fourth-quarter net profit rose 14 percent to its highest ever.

The Q4 profit, however, lagged behind estimates of analysts as flat production from its gas blocks and lower than expected refining margins weighed on results.


Billionaire Mukesh Ambani’s Reliance, with interests in refining, petrochemical, oil and gas exploration and retail, said quarterly net profit rose to 53.76 billion rupees ($1.2 billion) from 47.1 billion rupees a year ago.

A Reuters poll of brokerage had forecast quarterly net profit of 55.3 billion rupees.

Reliance, which operates the world’s biggest refining complex in western India, saw gross refining margins in its fourth quarter inch higher to $9.20 per barrel, up from $7.50 per barrel a year earlier and $9 in the previous quarter.

Shares of Reliance Industries were valued at $75.7 billion and have declined approximately 2 percent in 2011.

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