Reliance posts highest-ever refining revenues

Indian oil-to-telecoms giant Reliance Industries reported earnings that missed analyst estimates Friday, despite a strong performance by its core oil-refining business.

The conglomerate, which is owned by Asia's richest man Mukesh Ambani, reported a net profit of 179.55 billion rupees ($2.25 billion) between April and June, 46.3 per cent higher than the same period last year.

Revenues from operations increased 54.54 per cent year-on-year to 2.23 trillion rupees, aided by both its legacy energy business and newer ventures like telecoms.

Revenues from Reliance's oil to chemicals (O2C) business -- which accounts for 60 percent of total income -- jumped 56.68 per cent year-on-year to 1.62 trillion rupees, its highest ever.

The conglomerate reported a net profit of 179.55 billion rupees ($2.25 billion) between April and June

A 65 per cent year-on-year increase in brent crude oil prices in the quarter primarily contributed to the strong performance, the company said.

Imports of Russian crude at discounted rates have likely helped Reliance's refining margins as energy demand surged.

Revenues from the energy giant's smaller oil and gas exploration and production business jumped 183 per cent year-on-year to 36.25 billion rupees, helped by higher gas prices.

"Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows," chairman and managing director Ambani said in a statement.