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RIL Q1 Profit Rises 18% To Rs 7,113 Crore

India's oil-to-telecom conglomerate Reliance Industries Ltd reported on Friday a better-than-expected 18 per cent increase in first-quarter profit on higher margins from its core refining business

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India's oil-to-telecom conglomerate Reliance Industries Ltd reported on Friday (15 July) a better-than-expected 18 per cent increase in first-quarter profit on higher margins from its core refining business.

Consolidated net profit rose to Rs 7,113 crore ($1.1 billion) for the three months to June 30, from Rs 6,024 crore a year earlier, Reliance, controlled by India's richest man Mukesh Ambani, said in a statement.

Analysts on average had expected a net profit of Rs 6,515 crore, according to data compiled by Thomson Reuters.

The gross refining margin on each barrel of crude processed - a key profitability gauge - was $11.5 in the June quarter, compared with $10.4 a year earlier.

(Reuters)


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