Reliance posts gain
NEW DELHI, January 16, 2017 – Reliance Industries announced on Monday that it had seen a gain of 3.6% in net profit from the previous quarter.
The company reported earnings of USD 1.1 billion (INR 75 billion) in Q3 of financial year 2016/17 (April-March), a 3.6% increase from the previous quarter, for which the company posted a profit of USD 1.06 billion (INR 72 billion). Turnover also increased by 16.1% from USD 12 billion (INR 817 billion) in Q2 2016/17 to USD 12.3 billion (INR 842 billion) in Q3 2016/17.
However, Reliance Industries’ outstanding debt continued to grow at USD 28.5 billion (INR 1.94 trillion) at the end of Q3, compared with USD 26.4 billion (INR 1.8 trillion) as of March 31, 2016.
Reliance is India’s largest private player in the nation’s oil and gas market and encompasses all levels of the energy value chain, including petrochemicals and refining, as well as E&P.