India's Reliance Industries on Friday reported a 16 percent rise in quarterly net profit, boosted by improving margins from its key oil refining business. The Mumbai-based firm owned by Mukesh Ambani, India's wealthiest man, said consolidated net profit for the three months through March climbed to 73.98 billion rupees ($1.1 billion) from 63.81 billion rupees a year earlier. That marked a rise of 15.9 percent, above the expectations of 15 analysts surveyed by Bloomberg who predicted an increase to 70.1 billion rupees.
"Strong operating performance from the refining and petrochemicals business led to higher operating profits," Reliance said in a statement to the Bombay Stock Exchange. The company reported that its gross refining margin, the profit earned from each barrel of crude, was at $10.8 in the just concluded fourth quarter from $10.1 a year earlier.