India’s Reliance Q4 profit rises 12.8%

MUMBAI: Indian conglomerate Reliance Industries exceeded estimates Monday to post a 12.8 percent rise in its fourth-quarter net profit, boosted by higher margins from its core business of oil refining.

The Mumbai-based firm owned by India’s wealthiest man, Mukesh Ambani, said standalone net profit for the three months through March 31 rose to 81.51 billion rupees ($1.26 billion) from 72.27 billion rupees a year earlier.