Reliance Industries Q4 profit up 16%, tops estimates

Indian oil to telecoms conglomerate Reliance Industries Ltd posted a 15.9 percent rise in its fourth-quarter earnings on Friday, beating analysts` estimates and boosted by stronger margins in its core oil refining business.

Reliance, controlled by India`s richest man, Mukesh Ambani, posted a consolidated net profit of 73.98 billion rupees ($1.11 billion) for the three months to March 31, up from 63.81 billion rupees a year ago.

Analysts on average were expecting a net profit of 69.48 billion rupee, according to Thomson Reuters data.

The gross refining margin on each barrel of crude processed, was $10.80 a barrel, up from $10.1 per barrel a year prior, Reliance said.