Reliance Industries, Maruti results promise Diwali cheer | business | Hindustan Times
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Reliance Industries, Maruti results promise Diwali cheer

business Updated: Oct 31, 2010 02:01 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Bringing cheer to the markets ahead of Diwali, the country's largest listed company and its biggest automobile manufacturer both posted positive results.

Reliance Industries showed a net profit of Rs 4,923 crore (highest quarterly profit since 2007) in the quarter ended September 2010 as against Rs 3,852 crore in same quarter previous year, up by 28%, driven by higher gas output from its field off country's east coast and improved refining margins.

Mukesh Ambani said in a press release: "Improved refining margins and high operating rates at all our manufacturing facilities led to a record quarter. We are focused on identifying opportunities that leverage India's unique demographic and market potential."

Maruti Suzuki India Ltd reported a more modest 5% increase in net profit at Rs 598.2 crore for the same period, but it's being seen as a return to form for the carmaker after reporting a surprise 12% decline in profit in the June quarter.

The firm's total income went up at a higher clip of 27% at Rs 9,142.7 crore backed by a superlative 33% growth in sales of its cars, vans and SUVs. Maruti sold 2.78 lakh vehicles during the quarter. All its vehicles except M800 come with a waiting period.