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MUMBAI (Reuters) – Indian oil to telecoms conglomerate Reliance Industries Ltd posted a 15.9 percent rise in its fourth-quarter earnings on Friday, beating analysts’ estimates and boosted by stronger margins in its core oil refining business.
Reliance, controlled by India’s richest man, Mukesh Ambani, posted a consolidated net profit of 73.98 billion rupees ($ 1.11 billion) for the three months to March 31, up from 63.81 billion rupees a year ago.
Analysts on average were expecting a net profit of 69.48 billion rupee, according to Thomson Reuters data.
The gross refining margin on each barrel of crude processed, was $ 10.80 a barrel, up from $ 10.1 per barrel a year prior, Reliance said.
($ 1 = 66.5137 Indian rupees)
(Reporting by Promit Mukherjee; Editing by Greg Mahlich)
