Reliance Industries Ltd, India’s largest private sector company, has posted a 20 per cent rise in its net profit at Rs 1,104 crore for the first quarter ended June 2003 as compared to Rs 918 crore in the same period of previous year. The turnover increased 17 per cent to Rs 13,509 crore from Rs 11,593 crore, a Reliance Industries press release said here on Thursday. The net turnover for the reporting quarter grew to Rs 12,501 crore as against Rs 10,650 crore in April-June 2002, it said. “The increase in sales in Q1 reflects the impact of rise in product selling prices of 3 per cent and increase in sales volume of 7 per cent compared to the same quarter last year,” the company said. The other income during Q1 of the current fiscal was down at Rs 187 crore as against Rs 201 crore in the first quarter of last fiscal. The exports, including deemed exports, were up by 37 per cent to Rs 3,466 crore in April-June 2003 (Rs 2,535 crore in Q1 last fiscal), it said. The company’s operating margins were higher at 13.3 per cent for the quarter and this was achieved with higher degree of integration, greater focus on speciality products and continued focus on costs, productivity, the release said. “We are satisfied with the strong performance in the first quarter and are looking forward to the future with renewed confidence on growth prospects for all our business, including oil and gas exploration and production,” said RIL chairman and managing director Mukesh Ambani. Reliance vice-chairman and managing director Anil Ambani said the sales volume showed an increase, with the end of various disruptions arising from Iraq war and sars epidemic. “The growth in export revenues, in an environment of appreciating domestic currency, reflects the international quality of our products, global competitiveness,” he added.
