MUMBAI: Reliance Industries Limited (RIL) on Thursday reported a net profit of Rs 10,908 crore for the year ended March 31, 2007, 20 per cent higher than the net profit of Rs. 9,069 crore reported in the previous year. The turnover has risen by 24 per cent to Rs. 110,886 crore. The cash profit has improved by 20 per cent to Rs. 15,768 crore.

The company stated in a press release that its Jamnagar complex has been declared as a 100 per cent export oriented unit (EOU) with effect from April 16. RIL also said that it completed its preferential offer of 12 crore warrants to the promoter and the promoter's group.

"While our petrochemicals and refining business recorded its best ever performance, we have made substantial investments in our future growth engines such as exploration and production (E&P) and retail businesses. In the past year, we created further value for millions of our shareholders through our strategic investment in Reliance Petroleum Ltd. (RPL) and through the value accretive merger of IPCL with RIL. I am confident that RIL shall continue to deliver sustainable value for all its stakeholders,'' Mukesh D. Ambani, Chairman and Managing Director, RIL, said.

During the last quarter, the E&P business witnessed significant developments.

The commerciality of the KGD6 MA-1 oil discovery was approved by the Directorate General of Hydrocarbon (DGH) in February 2007. "Efforts are on for its fast track development and commencement of production of oil during 2008.'' The company implemented an employee stock options scheme (ESOS), which gives the option to the eligible employees to purchase RIL shares. During the year, RIL incurred capital expenditure of Rs. 8,935 crore as against Rs. 9,476 crore in the previous year.

Reliance Petroleum Limited (RPL) has made good progress on all implementation fronts for its global sized, complex refinery coming up in a special economic zone at Jamnagar, RIL said. Reliance Retail Ltd. (RRL) opened an additional 74 Reliance Fresh outlets to end the year with 96 Reliance Fresh Stores.

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