Mumbai, April 16 (IANS) Reliance Industries Limited (RIL) said Tuesday its profit increased 32 percent to Rs.5,589 crore for the quarter ended March 31 owing to strong margins in the oil refinery business.
The company has posted a net profit of Rs.5,589 crore in January-March quarter, up 31.94 percent from Rs.4,236 crore recorded in the corresponding quarter of last year.
“The growth in earnings was largely driven by strong and improved refining margins during the year,” RIL chairman and managing director Mukesh Ambani said in a statement.
“Production growth from our investments in unconventional liquids-rich resource plays in North America has reinforced our confidence in creating long term value for our shareholders from this diversification,” he said.
For the financial year 2012-13, the company posted net profit of Rs.21,003 crore as compared to Rs.20,040 crore recorded in the previous year.
The company’s total income increased to Rs.368,295 crore for the year ended March 31, 2013 as compared to Rs.336,096 crore recorded in the previous year.