India’s Reliance posts 8.8pc rise in Q3 profit

20 January, 2019 12:00 AM printer

MUMBAI: Indian conglomerate Reliance Industries on Thursday reported a 8.8 percent rise in its third quarter consolidated net profit, boosted by growth in its core business of petrochemicals and oil refining.

The Mumbai-based company owned by India's richest man Mukesh Ambani said its consolidated net profit for the three months through December rose to 102.50 billion rupees ($1.44 billion) from 94.20 billion rupees reported a year earlier, even as its refining margins fell, reports AFP.

"In an oil price environment that witnessed heightened volatility through the quarter, RIL has delivered strong quarterly results on a consolidated basis," Reliance chief Ambani said in a statement.