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Reliance Reports Rise in Quarterly Earnings and Sales

7:07 AM MDT | July 27, 2010 | Deepti Ramesh

Reliance says net profits for its fiscal first quarter ended June 30 increased 32% compared with the same period of the previous year, to about Rs48.5 billion ($1.04 billion) on sales up 88%, to Rs610 billion. Increased volumes accounted for 48.4% of the sales growth and higher prices accounted for 39.7% of the sales growth, Reliance says. Exports more than doubled during the quarter, to Rs328 billion.  “We had yet another record quarter due to high operating rates and improving margins across all our businesses,” says Mukesh D. Ambani, chairman...

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