Reliance Industries [Get Quote], country's most valued firm in terms of market capitalisation, on Thursday posted a 26 per cent increase in net profit for the third quarter ended December 31 to Rs 3,882 crore (Rs 38.82 billion) from Rs 3,081 crore (Rs 30.81 billion) a year ago.

Turnover for the reporting quarter rose 21 per cent to Rs 35,880 crore (Rs 358.8 billion) from Rs 29,753 crore (Rs 297.53 billion) for the same quarter last fiscal.

Commenting on the results, RIL chief financial officer Alok Agarwal said: "Results are ahead of our expectation and that is satisfying."

During the quarter, the company sold shares in Reliance Petroleum [Get Quote], earning Rs 4,733 crore (Rs 47.33 billion) outside the items included in the net profit.

"We have sold shares to monetise part of our holding in Reliance Petroleum. We are finding newer and newer investments," Agarwal told reporters here.

"2008 is a big year for RIL. It is setting up a new refinery in Jamnagar through RPL and commercial production of oil and gas project are on track," he said.

It expects to begin commercial production of gas from KG basin before the end of this year.

The company would be investing USD 2 billion in the next two quarters on oil exploration and development, he added.

In the next 3-5 years, it would be expanding its international footprint. "We would like to have a larger asset outside India," Agarwal said.