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Reliance Industries fiscal Q2 revenue jumps on higher crude oil prices

Reliance Industries Ltd. posted net profit attributable to shareholders of 95.16 billion Indian rupees for the fiscal second quarter ended Sept. 30, up from 81.09 billion rupees in the year-ago period.

EPS for the quarter rose 17.5% to 16.06 rupees from 13.66 rupees in the previous year. The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 16.30 rupees.

The company booked 1.563 trillion rupees in revenues for the quarter, up 54.5% from 1.012 trillion rupees in the previous year. The increase in revenue is primarily due to higher price realizations of petrochemical and refinery products, led by a 44.5% rise in the Brent crude price, Reliance Industries said in a statement.

The refining and marketing segment brought in 987.60 billion rupees in revenue during the quarter, while the petrochemicals unit booked 437.45 billion rupees in revenue.

As of Oct. 17, US$1 was equivalent to 73.40 Indian rupees.