Reliance Industries profit up 27.8 percent | business | Hindustan Times
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Reliance Industries profit up 27.8 percent

business Updated: Oct 30, 2010 13:56 IST

AP
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Reliance Industries posted a 27.8 percent rise in quarterly profit on Saturday, in line with expectations, on rising revenues from refining and oil and gas production.

Net profit for the July-September quarter was 49.2 billion rupees ($1.1 billion), up from 38.5 billion rupees in the year-ago period. Revenues rose 27.8 percent, 574.8 billion rupees ($13.0 billion), up from 468.5 billion rupees a year ago, slightly missing expectations.

A CNBC-TV18 poll had forecast sales of 583.5 billion rupees ($13.2 billion) and profit of 49.2 billion rupees ($1.1 billion). Reliance Industries is India's largest listed company. It has been looking beyond its core interests in petrochemicals and oil and gas to fast-growing sectors like telecom.

It is also keen to go global. This year, it has signed joint ventures with three U.S. shale gas companies, which together are the largest investment ever by an Indian company in the United States.