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Reliance Industries Q1 net at Rs 4,110 crore

July 24, 2008 18:26 IST

Reliance Industries Ltd [Get Quote] on Thursday recorded 13 per cent rise in net profit at Rs 4,110 crore (Rs 41.10 billion) in the first quarter of the current fiscal as against the corresponding quarter of the previous fiscal.

Reliance Industries' turnover increased 38 per cent to Rs 43,050 crore (Rs 430.50 billion) for the quarter ended June 30, from Rs 31,290 crore (Rs 312.90 billion) in the same quarter last fiscal.

Revenue of the company grew 36 per cent due to increase in prices and 2 per cent growth in volumes. Exports were higher by 112 per cent at Rs 28,357 crore (Rs 283.57 billion) in the first quarter this year, compared to the previous fiscal, the company release said.

"At Reliance we continued to scale new peaks in financial performance despite challenging business environment, including domestic inflation and weakening of the leading economies of the world. The sterling performance was made possible by our quality manufacturing assets and experienced, highly skilled people, Reliance Industries chairman and managing director Mukesh Ambani said.

"We will play a major role in India's energy security as we are focusing to be among the top leaders in the world in the oil and gas sphere. We are confident that the new growth drivers oil and gas, organised retailing and agro-retail will take Reliance to a higher growth trajectory in the medium term," Ambani added.

Besides, the Panna-Mukta fields of the produced 321,600 tonnes of crude oil and 353 MMSCM of natural gas, a decrease of 30 per cent and 27 per cent, respectively, compared to the corresponding period of the previous fiscal.

Revenue for the refining and marketing segment increased by 46 per cent to Rs 32,587 crore (Rs 325.87 billion) in the first quarter this fiscal from Rs 22,328 crore (Rs 223.28 billion) in the same period previous year, mainly due to high product prices driven by high crude oil prices.

Increase in prices accounted for 41 per cent of growth in revenue while higher volumes accounted for 5 per cent.

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