Reliance Industries Profit Surges Over 46%, Powered By Oil Business
NDTV
Reliance Industries reported a 46.3 per cent jump in June-quarter profit, as robust refining margins buoyed its dominant oil-to-chemicals business.
Reliance Industries Ltd on Friday reported a 46.3 per cent jump in June-quarter profit, as robust refining margins due to intake of cheaper Russian crude and fuel exports buoyed its dominant oil-to-chemicals business.
The Mukesh Ambani-led conglomerate said consolidated profit rose to Rs 17,955 crore ($2.25 billion) in the three months ended June 30 compared with Rs 12,273 crore a year earlier.
Reliance emerged as one of the key buyers of discounted Russian crude after some Western buyers shunned it following Moscow's invasion of Ukraine in late February.
The private refiner during the quarter also boosted fuel exports, especially to European countries grappling with shortages due to the sanctions on Russia.
