Reliance Q4 net profit rises 9 per cent

MUMBAI: India's top private sector refiner, Reliance Industries Ltd. posted a 9 percent annual rise in quarterly net profit, beating forecasts from analysts who had expected a second consecutive quarter-on-quarter drop.   

Reliance, also a top maker of polyester fibre, yarn and paraxylene, said net profit rose to 25.02 billion rupees ($556 million) in the fiscal fourth quarter to March 31, from 23 billion rupees a year ago.   

Seven analysts polled by Reuters had forecast net profit of 21.7 billion rupees and net sales of 210.75 billion rupees.   

Reliance shares rose 18 percent in the quarter, lagging slightly the main index's 20 percent gain.   

Ahead of the results, shares in Reliance, rose more than 3 percent to a new high of 1,013 rupees in a firm Mumbai market.   

Analysts estimated Reliance's refining margins dipped to between $7.5 and $8 a barrel in the quarter to March 31, down from $10 a year ago, in line with a fall in benchmark Asian margins.

This segment of the business delivers about 56 percent of Reliance's total revenues.