India's RIL posts marginal quarterly profit rise

Energy giant Reliance Industries Ltd reported a marginal rise in quarterly profit Friday, with billionaire tycoon Mukesh Ambani saying his company had turned in a "satisfying" full-year performance. Reliance, which operates the world's biggest refining complex, said net profit for its fourth quarter ended March 31 rose 0.8 percent to 56.3 billion rupees ($933 million) from a year earlier. The profit was in line with analysts' forecasts. The company's average gross refining margin -- a key benchmark of profitability -- fell to $9.3 per barrel from $10.1 in the same period a year earlier. But analysts said investors  were looking beyond the fourth-quarter results and focusing on the impact on earnings of billions of dollars worth of future energy projects and Reliance's multi-billion-dollar telecom foray. Shares of the energy-to-retail conglomerate, which have climbed nearly 24 percent in the past year on expectations of strong earnings in years ahead, closed up nearly two percent Thursday at 958.75 rupees. Financial markets were closed Friday for a public holiday. Revenues for the final financial quarter climbed 12.9 percent to 978.07 billion rupees from a year earlier. Total consolidated net profit for the full year to March 31, 2014, was up 7.7 percent at 224.93 billion rupees ($3.8 billion) on revenues that climbed 8.1 percent to 4.01 trillion rupees ($67.0 billion). It was a "satisfying year for Reliance," Ambani, India's wealthiest person, said in a statement. The company's refining business delivered record high profits and petrochemical earnings grew sharply, he said. "While we continue to face technical challenges in growing domestic upstream production, the US shale gas business grew significantly during the year and has become a material contributor to our earnings," Ambani said. Reliance's retail business "has turned around and is now India's largest retail chain", he added. The company has also "accelerated efforts to roll-out our state-of-the-art" ultra-fast fourth-generation mobile services across the country.