Reliance Q3 net up 52%

Reliance Q3 net up 52%

By siliconindia staff writer   |   Friday, 21 January 2005, 08:00 Hrs
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MUMBAI: Reliance Industries Limited surpassed market expectations today as it declared a third quarter net profit of Rs 2091 crore.

The company's which manages the world's third largest oil refinery in Gujarat, said its net profit in the quarter ended Dec 31, rose to 20.91 billion ($481 million), as compared to 13.74 billion logged in the year-ago period.

The RIL turnover in the first nine months December 2004 stood at Rs 63,585 crore, and the net profit during the same period was Rs 5280 crore.

While exports went up by 51% to 16205 crores, operating profits rose by 30% to 10239 crores and cash Profit went up by 32% to Rs 8622 crore

The company also reported that its refinery operated at 96 per cent capacity utilization, adding that the profits had been boosted by higher prices for fuels and chemicals.

The numbers were declared at a board meeting of the flagship company, chaired by Mukesh Ambani. Anil Ambani also attended the meeting.

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