India Reliance posts record $1 billion Q1 profit

Indian retail-to-energy group Reliance Industries Ltd reported a record $1-billion net profit for the financial first-quarter, fuelled by a strong petrochemicals performance. Reliance, controlled by the country's wealthiest man Mukesh Ambani, announced net profit for the three months to June climbed by a better-than-expected 13.7 per cent to 59.57 billion rupees ($1 billion) in the same period a year ago. Reliance Industries becomes 1st private company to post $1 billion quarterly profit. Reliance's revenues jumped 7.2 per cent to 1.1 trillion rupees ($17.9 billion) in the first quarter from a year earlier, according to Reuters.