India’s Reliance revenue rises 58% as oil and gas business recovers

Indian conglomerate Reliance Industries Ltd (RELI.NS) reported a 58% jump in quarterly revenue on Friday, led by a strong show at its dominant oil and gas business.

India’s most valuable company, which operates the world’s biggest refining complex at Jamnagar in western India, benefited from a sharp increase in product prices on the back of higher crude prices. Brent prices surged 18.2% in the June quarter due to tight supplies.

“Stronger oil fundamentals, vaccination programs and better demand outlook have resulted in a steady rise in crude prices throughout the first quarter,” the company, led by billionaire Mukesh Ambani, said in a statement.

Revenue surged to 1.44 trillion rupees, fueled by an over 70% jump in the oil-to-chemicals business.

Consolidated profit, however, fell to 122.73 billion rupees ($1.65 billion) in the quarter ended June 30, from 132.33 billion rupees a year earlier, mainly hit by a rise in tax expenses.

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