Reliance Industries Ltd on Friday reported a 46.3% jump in profit for June as robust refining margins on the back of cheaper Russian crude and fuel exports boosted its dominant oil and chemicals business.
The Mukesh Ambani-led conglomerate said consolidated profit rose to ₹17,955 crores ($2.25 billion) in the three months ended June 30, compared with ₹12,273 crores a year earlier.
Reliance has become one of the key buyers of discounted Russian crude after it was shunned by some Western buyers following Moscow’s invasion of Ukraine in late February.
The private refiner also increased fuel exports during the quarter, particularly to European countries facing shortages due to sanctions against Russia.
“The geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This, along with recovering demand, has led to tighter fuel markets and improved product margins,” said Mukesh Ambani, chairman, and CEO of Reliance Industries.
Refining margins for diesel, gasoline, and jet fuel in Asia hit record highs in June.