RIL Q1 net profit rises 16.5%

Reliance Industries Ltd (RIL), India’s largest petrochemicals company, has reported a 16.50 per cent rise in net profit at Rs 720 crore...

Reliance Industries Ltd (RIL), India’s largest petrochemicals company, has reported a 16.50 per cent rise in net profit at Rs 720 crore for the first quarter ended June 2002 compared to Rs 618 crore in the same period of previous fiscal, marginally exceeding expectations.

Sales/income from operations were marginally higher at Rs 6,397 crore in the reporting quarter as against Rs 6,390 crore in Q1 of fiscal 2002, RIL said.

RPL net up 5% in Q1

Mumbai: Reliance Petroleum Ltd (RPL), which is merging with RIL, has posted a five per cent rise in net profit at Rs 480 crore for the first quarter ended June 2002 as compared to Rs 456 crore in the same period of previous fiscal.
Sales/income from operations showed an increase of seven per cent in the reporting quarter at Rs 9,474 crore as against Rs 8,865 crore in Q1 of fiscal 2002. Exports of RPL products to the US, Europe and Japanese markets among others during the quarter stood at Rs 1,965 crore, it said, adding other income grew four times at Rs 96 crore (Rs 24 crore). RPL processed 7.45 million tonnes of crude in Q1 of the current fiscal as against 7.3 million tonnes. The proposal for merger of RPL with Reliance Industries with effect from April 2001, has received the nod from shareholders and Mumbai High Court while the hearing for the same is in progress in Gujarat HC. ENS

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On a consolidated basis, the net profit was higher at Rs 991 crore (Rs 860 crore) while sales/income from operations stood at Rs 6,399 crore (Rs 6,390 crore). RIL’s exports for Q1 stood at Rs 1,011 crore. Manufactured exports including deemed exports were Rs 946 crore (Rs 749 crore), an increase of 26 per cent.

Said Mukesh Ambani, new chairman and managing director, “we are enthused by RIL’s strong performance in Q1 and are looking forward to significant growth and further improvement in our financial performance.”

Sales include inter-divisional transfers of Rs 1,397 crore against Rs 1,297 crore in Q1 of 2001-02. The company had revalued its plant and machinery located at Patalganga and Naroda during 1997-98 and as a consequent there is an additional charge on depreciation of Rs 29 crore in Q1 of 2002-03. However, this has no impact on profits, the release added.

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