India's Reliance announces net profit up 30pc
India's largest private sector firm, Reliance Industries, said Friday its sales more than doubled but net profit rose only 30 percent in the quarter to March due to pressure on its refining margins.
The oil and gas giant said net profit was 47.10 billion rupees (1.02 billion dollars) for the three months ended March, from 36.2 billion rupees a year ago, while turnover jumped 125 percent to 602 billion rupees.
Analysts expected Reliance's quarterly profit to reach nearly 49 billion rupees, but lower-than-expected refining margins hit performance.
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