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Reliance posts higher quarterly profit

Indian conglomerate Reliance Industries Ltd. posted net income of 94.59 billion rupees in its fiscal first quarter, up from 91.08 billion rupees in the same quarter a year earlier.

Diluted earnings stood at 15.96 rupees per share in the quarter that ended June 30, up from 15.35 rupees per share in the comparable period in 2017.

Revenue from operations rose to 1.331 trillion rupees from 905.37 billion rupees. The gain was driven by Reliance's petrochemicals business, which posted revenue of 402.87 billion rupees, up 58.2% from 254.61 billion rupees, and the refining and marketing business where revenue rose 42.9% to 956.46 billion rupees from 669.45 billion rupees.

Gross refining margin, or GRM, stood at $10.5 a barrel, down from $11.9 a barrel. GRM is the difference between the value of petroleum produced from a refinery and the cost of the raw material, which is crude oil.

Profit before depreciation and tax came in at 224.49 billion rupees, up from 146.92 billion rupees.

As of July 26, US$1 was equivalent to 68.695 Indian rupees.