The Hindu : Business : RIL posts robust results

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Business

RIL posts robust results

Special Correspondent

The company will invest $2 b in the next two quarters

KG basin gas before year-end
Plans international footfrint

MUMBAI: Reliance Industries Ltd (RIL) on Thursday reported a 29 per cent rise in net profit at Rs. 11,349 crore for the first nine months ended December 31, 2007. The turnover has increased by 13 per cent to Rs. 1,00,572 crore.

The cash profit has increased by 51 per cent to Rs. 19,714 crore. The company also stated that its net profit (including exceptional item) has increased by 77 per cent to Rs. 15,546 crore. Exceptional income at Rs. 4,733 crore represents gains primarily arising out of transactions concerning Reliance Petroleum shares.

The gross refining margin for the third quarter of current fiscal was at $15.4 a barrel and for the first nine months was at $14.9 a barrel.

Basic earning per share (EPS), excluding exceptional item, for the nine months period was Rs. 78.10 against Rs. 60.50 for the corresponding period of the previous year.

Q3 profit up 26 p.c.

In the third quarter ended December 31, 2007, the company posted a 26 per cent increase in net profit which stood at Rs. 3,882 crore against Rs. 3,081 crore in the corresponding period in the previous year. The turnover rose by 21 per cent to Rs. 35,880 crore from Rs. 29,753 crore.

Commenting on the performance, Mukesh Ambani, Chairman and Managing Director, Reliance said, “I am happy to report that Reliance continues to surpass previous records in financial performance. The quality of our manufacturing assets and our people is being recognised through various awards and recognition that we have been receiving in the recent past.

“The new growth platforms around oil and gas, organised retailing and agro-retail initiatives are gathering momentum and the initial response to these initiatives have been very encouraging. Each of these initiatives inherently addresses India’s economic and social imperatives."

PTI reports

RIL Chief Financial Officer Alok Agarwal said “2008 is a big year for Reliance. The company is setting up a new refinery in Jamnagar through RPL and commercial production of oil and gas project are on track,” he said. It expects to begin commercial production of gas from KG basin before the end of this year.

The company would be investing $2 billion in the next two quarters on oil exploration and development. In the next 3-5 years, it would be expanding its international footprint. “We would like to have a larger asset outside India,” Agarwal said.

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