MUMBAI, April 16 (Reuters) - India’s Reliance Industries Ltd posted fourth quarter net profit that rose 32 percent to a higher-than-expected 55.89 billion Indian rupees ($1.02 billion), helped by stronger margins in its oil refining business.
Reliance, which operates the world’s biggest refining complex in western India, was expected to report a net profit of 54.8 billion rupees for the fiscal fourth quarter that ended on March 31, according to Thomson Reuters data. Profits were 42.4 billion rupees in the same year-ago period.
The company posted an average gross oil refining margin of $10.1 per barrel for the quarter, compared to $7.6 in the same period last year. ($1 = 54.63 rupees) (Reporting by Prashant Mehra; editing by Miral Fahmy)