Reliance Industries posts 24% jump in Oct-Dec quarter net profit

Mukesh Ambani

The results were released after the close of trade in India. Shares in the Mumbai-based conglomerate, valued at $52.6 billion, closed up 1.2 percent ahead of the results.

The stock rose by a fifth in 2012, but lagged a 26 percent increase in the main stock index.

The profit rise came despite falling production at the company's key natural gas field off India's east coast and a cut in its estimated reserves by about two-thirds.

The government is expected to increase natural gas prices by 2014, a move that would help Reliance and its partner, BP Plc , justify higher expenditure on the block.

Reliance said it held $14.7 billion in cash at the end of December and had debts of $13.1 billion.

($1= 54.29 rupees)

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