MUMBAI, Jan 16 (Reuters) - Indian oil-to-telecoms conglomerate Reliance Industries Ltd expects a sharp rise in operating profit from the next financial year as it completes an expansion of its core refining and petrochemicals business, a senior executive said on Monday.
Reliance, controlled by India's richest man Mukesh Ambani, on Monday reported a better-than-expected 10 percent rise in third-quarter net profit to 80.22 billion rupees ($1.18 billion), helped by strong refining margin.
Analysts had on average expected a standalone profit of 78.5 billion rupees, according to data compiled by Thomson Reuters.
The company embarked on a $15 billion capital spending programme in March 2012 to set up a petroleum coke integrated gasification combined cycle (IGCC) plant and a refinery off-gas cracker (ROGC), each costing $4 billion to $5 billion. The company had at the time envisaged a 66 percent expansion of its petrochemical capacity.
Something interesting to share?
Join NrgEdge and create your own NrgBuzz today