Reliance Industries sees profits jump on oil and gas

Mukesh Ambani Reliance Industries is controlled by billionaire Mukesh Ambani

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Reliance Industries, one of India's largest industrial conglomerates, has reported a sharp rise in profits thanks in part to a turnaround at its oil and gas business.

Net profit between April and June was 60bn rupees ($1bn; £580m), 14% higher than a year earlier. Revenue rose 7% to 1.1 trillion rupees.

The results were better than analysts had expected.

Reliance is controlled by India's richest man, Mukesh Ambani.

"Reliance Industries has delivered a record level of consolidated net profit this quarter," said Mr Ambani.

"The is was achieved despite weak regional refining margins and a planned turnaround in our refinery."

The company also had a "great pipeline" of new projects and planned to expand its retail business further, he added.

Having declined in previous quarters, revenue at the company's oil and gas business rose by more than a quarter, following strong performance at the North American shale gas business.

Reliance owns a supermarket chain and a telecommunications company, but gets most of its revenue from its oil-refining business.

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