RIL Blowout: 24% Profit Bump

Reliance Industries Limited (NSE:RELIANCE) announced an unexpected 24% increase in profits this morning in their earnings report for its third fiscal quarter of 2012. The firm posted a net profit of 55.02 billion rupees. Analysts had expected the firm to announce profits of just 50.14 billion for the last three months.

The firm said that sales in the fourth quarter amounted to 938.86 billion rupees. That amounts to a 10% bump in revenues compared to the same period last year. Analysts had expected the company's revenues to amount to 924.8 billion. In the last three months of 2011 the firm revealed earnings of 44.4 billion. The...