- July 24, 2021
- Posted by: Stratford Team
- Category: Business
The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave
BENGALURU, July 23 (Reuters) – 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,…
