Reliance Industries Ltd on Friday announced a 28.14 per cent growth in its net profit at Rs 5,136 crore (Rs 51.36 billion) for the third quarter of the current financial year.

The Mukesh Ambani-led company had a net profit of Rs 4,008 crore (Rs 40.08 billion) in the same period last year.

The net turnover of the company increased to Rs 59,789 crore (Rs 597.89 billion) from Rs 56,856 crore (Rs 568.56 billion) in the corresponding quarter of the year-ago period, RIL said in a filing to the Bombay Stock Exchange.

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"Robust demand growth in home markets and highly competitive assets enabled Reliance to have industry leading operating rates and margins," chairman Mukesh Ambani said in a statement.

The company, which has traditionally focused on energy, has recently been investing in overseas shale gas assets and widening its businesses beyond petrochemicals, refining, oil and gas exploration, and retail.

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While the BSE Sensex has gained around 7 per cent since April 2010 so far, RIL lost a little over 10 per cent.

The scrip has remained range-bound between 950 and 1,100 for the past 20 months, even as Sensex moved from around 12,000 to 18,800.

Shares in Reliance, valued at nearly $71 billion, fell 2.9 per cent in 2010, underperforming a 17.4 per cent gain in the main BSE index.

RIL shares on Friday ended the day with a gain of 1.73 per cent at Rs 986.50 apiece on the Bombay Stock Exchange.