Reliance's Q2 profit jumps 38.7 percent

By SiliconIndia   |   Monday, 25 October 2004, 07:00 Hrs
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MUMBAI: Reliance Industries Ltd., India's largest private business conglomerate, said Monday its net profit in the July-September period rose by an impressive 38.7 percent over the same period in the previous year.

Reliance's net profit in the second quarter ended Sep 30 touched 17.52 billion, up from 12.63 billion logged in the July-September period of the fiscal year 2003-04, showed the figures released by the company.

Total income of Reliance, with a presence in a vast segment of industrial sectors such as petrochemicals, textiles and telecom, registered a growth of 27.1 percent to 164.6 billion.

The company, which owns the world's third-largest refinery, is currently running its refinery at 96 percent capacity, said Anil Ambani, vice chairman and managing director of Reliance Industries.

Reliance has already set up 200 fuel retail outlets while 600 more are under construction, Ambani told a press conference here.

Reliance Infocomm, the telecom services arm of Reliance Industries, crossed the 10 million subscribers mark during the July-September quarter.

Shares of Reliance slipped marginally lower on the Bombay Stock Exchange (BSE) despite the company posting impressive quarterly financial numbers.

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