RIL posts 63 pc rise in net profit for 2007-08 | business | Hindustan Times
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RIL posts 63 pc rise in net profit for 2007-08

Reliance Industries' rise in net profit was due to robust growth in refining, petrochemicals and exploration businesses.

business Updated: Apr 21, 2008 20:20 IST

Beating market expectations, Reliance Industries, the biggest private sector company in the country, has posted a whopping 63 per cent rise in net profit at Rs 19,458 crore for 2007-08 on robust growth in refining, petrochemicals and exploration businesses.

RIL's turnover for the fiscal year ended on March 31, rose 18 per cent to Rs 1,39,269 crore, while its cash profit rose 43 per cent to Rs 25,205 crore, the company said in a statement.

During the year, exports were higher by 25 per cent at Rs 83,492 crore, the company said.

For the quarter ended on March 31, RIL reported a net profit of Rs 3,912 crore, up 23.95 per cent from the year-ago period, while the turnover for the quarter rose to Rs 37,286 crore.

Earning per share (EPS), which indicates profitability of the company, for the year was Rs 105.0 against Rs 82.2 for the previous year.

The outstanding debt as on March 31 was Rs 36,480 crore compared to Rs 27,826 crore in the previous financial year.
RIL added 47 retail outlets during the year taking a total number of outlets to 1,432.

To capture the growth opportunity in the ATF business, the company has presence at 14 airports in India and is now refuelling major airlines, the company added.

RIL Chairman and Managing Director Mukesh Ambani said it was a a "landmark year for Reliance" as it posted record financial and operating performance in challenging and volatile market conditions.

"Our key investments in oil and gas development and refining are expected to commission this year. I expect them to be key drivers to deliver earnings growth in the near future," he said.