Reliance Industries said its profit during first quarter ended June 30, 2003 had  increased by 28.5 per cent to touch Rs 1,180 crore (Rs 11.80 billion). The company's Q1 profit stood at Rs 918 crore (Rs 9.18 billion) last year.

The company had posted a net profit of Rs 1,104 crore (Rs 11.04 billion) in the last quarter.

The company's better-than-expected results have seen its shares rise over 3 per cent to Rs 359.40.

Analysts said that the company's profit increased despite prices for its petrochemical products sagging amid weak demand and strikes by truck drivers and loom owners. However, an increase in global petrochemical prices is seen helping the company's prospects further.