India's Reliance posts 12.5pc rise in profits

India's Reliance Industries posted expectation-beating quarterly profits Friday as earnings from its key refining and petrochemical operations offset the impact of a sharp fall in global oil prices.

The Mumbai-based energy firm owned by Mukesh Ambani, India's wealthiest man, also benefited from a near 50-percent drop in the cost of raw materials to post a 12.5 percent profit rise for the second quarter.

Reliance said in a statement that consolidated profit for the three months to September 30 soared to 67.20 billion rupees ($1.0 billion) from 59.72 billion rupees a year ago.

A survey of 12 analysts by Bloomberg had expected Reliance to report just a 2.4 percent rise in profits to 58.8 billion rupees. Ambani, Reliance's chairman, said in the statement that the company's "refining business performance was notable".