The company, controlled by billionaire Mukesh Ambani, said April-June net profit rose to Rs 56.61 billion ($1.28 billion) from Rs 48.51 billion a year ago.
This included other income of Rs 10.78 billion in the latest fiscal first quarter.
A Reuters poll of brokerages had forecast quarterly net profit of Rs 57.2 billion.
Reliance, which operates the world's biggest refining complex in western India, saw gross refining margins in its fiscal first quarter rise to $10.3 per barrel from $7.3 a year ago, and $9.2 in the previous quarter.
Source :TIMES OF INDIA
Shares in Reliance, valued by the market at $64.4 billion, have declined nearly 17 percent so far in 2011, contributing significantly to the comparative 8 per cent fall in the main index, in which the stock has the heaviest weight.
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