MUMBAI, Jan 18 (Reuters) - Indian conglomerate RelianceIndustries Ltd posted its first profit increase afterfour quarters of declining returns, buoyed by stronger oilrefining margins.
Net profit rose 24 percent to 55.02 billion rupees ($1.01billion) for the fiscal third quarter that ended in Decemberfrom 44.4 billion rupees a year earlier, Reliance said onFriday.
Reliance, which operates the world's biggest refiningcomplex, in western India, was expected to post a net profit of51.2 billion rupees, according to Thomson Reuters data.
The company posted an average gross refining margin of $9.6per barrel for the quarter, compared to $6.8 in the same periodlast year.
Reliance has looked to widen beyond its core energy businessin recent years, and has outlined a big drive intoconsumer-focused sectors such as telecoms, retail, and financialservices.