The Hindu : Front Page : Reliance profit crosses $1b mark

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Friday, Apr 30, 2004

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Front Page

Reliance profit crosses $1b mark

The Vice-Chairman of Reliance Industries, Anil Ambani, announcing the annual results of the company in Mumbai on Thursday. - Photo: Vivek Bendre

MUMBAI, APRIL 29. Reliance Industries today became the first private sector Indian company to cross the one billion milestone in net profit, recording a 29 per cent surge in its 2003-04 consolidated net profit, at $1.18 billion (Rs. 5,169 crores) compared to the earlier fiscal.

"Reliance Industries has become the first company in the private sector to cross the billion dollar milestone by recording a consolidated net profit of Rs. 5,169 crores ($1,182 million),'' a Reliance official said, announcing the results here.

The board, which met today, recommended a 52.2 per cent dividend (Rs. 5.25 per equity share of Rs. 10 each), involving a payout of Rs. 825 crores.

Consolidated total income for the year under review increased to Rs. 53,183 crores from Rs. 46,796 crores in the previous fiscal.

The Reliance results are way above market expectations, which had predicted about a 21-24 per cent rise in its 2003-04 net profit.

The company announced capital expenditure plans of Rs. 35,000 crores spread over the next five years in oil exploration, retail and petrochemicals and said it would put in place 2,000 retail outlets across the country by the end of the current fiscal.

"We would invest about Rs. 35,000 crores in exploration, gas, retail and expansion of petrochemical plants by 2009,'' the Vice Chairman of the company, Anil Ambani, told a press conference here. - PTI

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