Mumbai: Jan 20; Reliance Industries third-quarter profit surged 39 per cent to Rs. 7,290 crore, an eight-year high, helped by a fall in global crude oil prices.
The Mumbai-headquartered oil-to-retail conglomerate earned $11.50 for every barrel of crude it processed during the quarter, the highest in seven years, compared to margins of $7.3 a barrel a year earlier.
Reliance, headed by billionaire Mukesh Ambani, which was India's most profitable firm till December 2014, had lost its position to TCS and then to state-owned Indian Oil Corporation (IOC) in June 2015. During this December quarter, Tata Consultancy Services (TCS) reported a net profit of Rs. 5,957 crore.
The benefits of low crude oil and energy prices for our downstream businesses clearly outweigh the impact of these factors on our upstream segment, reflecting in the record earnings for the quarter," said RIL chairman Mukesh Ambani. Ambani's personal wealth grew most in the world as crude oil prices fell.