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Reliance Industries reports rise in quarterly profits

6:56 AM MST | January 18, 2013 | Deepti Ramesh

Reliance Industries says that net profits for the company’s fiscal third quarter ended 31 December 2012 increase 23.9% compared with the same period of the previous year, to about 55.02 billion Indian rupees ($1.02 billion). Sales increased 10.1%, to Rs963.07 billion. “Reliance’s performance has improved in this quarter with margin expansion in petrochemicals and record earnings in the refining business,” says Mukesh D. Ambani, chairman and managing director of Reliance Industries. “We are investing over Rs1 trillion by expanding our...

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