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