India's largest private sector oil and petrochemical firm Reliance Industries Ltd posted a 10.7 per cent rise in quarterly net profit on Thursday, driven by robust margins from its refinery operations.
Reliance, also a top maker of polyester fibre, yarn and paraxylene, said that net profit rose to Rs 25.47 billion ($544 million) in the fiscal first quarter to June-end, up from Rs 23 billion in 2005.
Profit margins on refining, which delivers 67 per cent of Reliance's revenues, are estimated by analysts to have climbed to between $11 and $12 a barrel in the quarter to June 30, higher than the benchmark Asian margins.
The company, India's second largest refiner, had posted refining margins of $10.40 a barrel in the previous quarter.
Shares in Reliance rose 1.82 per cent to Rs 1,000.
Reliance shares rose 27.7 per cent in the quarter, outperforming the benchmark BSE index's 11 per cent decline over the same period.