India’s Reliance posts 39% profits rise. India’s Reliance Industries Tuesday reported an almost 39 percent rise in quarterly net profit as improving margins from its oil refining business helped offset pressure from the slide in global crude prices.

The Mumbai-based firm owned by Mukesh Ambani, India’s wealthiest man, said consolidated net profit for the three months through December climbed to 72.90 billion rupees ($1.1 billion) from 52.56 billion rupees a year earlier.

That marked a rise of 38.70 percent, slightly above the expectations of 17 analysts surveyed by Bloomberg who had predicted a 38 percent rise to 70.1 billion rupees.