RIL’s revenue zooms, Q1 net up 32% at 4,851 cr
Mukesh Ambani-led Reliance Industries on Tuesday said its profit for the April-June quarter had grown 32 per cent to Rs 4,851 crore. HT Correspondent reports.business Updated: Jul 28, 2010 01:30 IST
MukeshAmbani-led Reliance Industries, which last month announced a foray into new areas of telecom and power generation after ending a no-compete clause with the ADAG group of Anil Ambani, on Tuesday said its profit for the April-June quarter had grown 32 per cent to Rs 4,851 crore.
The largest Indian company by profits and market capitalisation had made a profit of
Rs 3,666 crore in the same period last year.
“We entered into joint ventures in shale gas to internationalise and diversify our upstream portfolio,” Mukesh D. Ambani, CMD, Reliance Industries said in a statement. “Reliance has also committed itself to participate in of broadband wireless. Both these initiatives are in line with the strategy to identify and invest in new, value creating businesses.”
The company saw a sharp 88 per cent rise in its turnover, which stood at Rs 61,007 crore, on the back of a strong volume growth and a hike in prices.
“Increase in volume accounted for 48.4 per cent growth in revenue and higher prices accounted for 39.7 per cent growth in revenue,” the company said in its statement. Its revenue from exports also shot up by 104 per cent.