Mumbai, Oct 16: Reliance Industries said on Thursday its quarterly profit rose, boosted by robust demand and higher profit margins in its core petrochemicals business. Reliance, which also has interests in refining, telecoms and exploration, booked a net profit of Rs 1,263 crore ($278.8 million) in the second quarter ended September 30. That compared with a profit of Rs 1,002 crore in the year-ago quarter.
The results of Reliance, India's most valuable company with a market value of $14.7 billion, beat market forecasts.
Prices of Reliance's petrochemical products, which account for about 60 per cent of sales, rose up to 40 per cent in the past quarter. These hikes were driven by an uptick in global prices and by healthy demand from domestic consumers as Asia's third-largest economy staged a strong recovery. Bureau Report