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Reliance Industries reports 20 per cent jump in profits

The company says its turnover for the year under review was also up 24 per cent at Rs1,108.87 billion ($25.51 billion).

business Updated: Apr 26, 2007 18:07 IST

Mukesh Ambani-controlled Reliance Industries Ltd (RIL), India's largest private sector enterprise on Thursday reported a 20 per cent jump in net profits for the fiscal 2006-07 at Rs109 billion ($2.51 billion).

The company - which has interests in diverse areas from oil to petrochemicals - said its turnover for the year under review was also up 24 per cent at Rs1,108.87 billion ($25.51 billion) - almost half the size of India's national budget.

"I am pleased to report yet another year of robust performance by RIL," Ambani said in a statement after presenting the unaudited results for the fourth quarter ending March 31.

"While our petrochemicals and refining business recorded best ever performance, we have made substantial investments in our future growth engines such as exploration and production and retail businesses," he added.

But the shares of the company ended slightly lower by 0.19 per cent on the Bombay Stock Exchange. They last traded at Rs1,596.15 after opening at Rs1,611 and touching a high of Rs1,624.80.

During the quarter ended March 31, the company had disbursed an interim dividend at the rate of Rs11 for every fully paid-up equity share totalling $353 million that included a dividend distribution tax.

Giving details of other parameters of performance, the company said the crude processed by it increased by four per cent to 31.7 million tonnes during the period under review, reflecting the refinery's operating rate of 96 per cent.

While petrochemicals production grew by 16 per cent, oil production increased by 19 per cent and gas output was up 13 per cent, the company said in a statement.

"RIL remains committed to investing its cash flow in existing and new businesses along with pursuing new opportunities both organic and inorganic," the statement said, adding the group was confident of sustaining the robust growth.

First Published: Apr 26, 2007 18:01 IST