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Reliance Q3 net up 56 pc to Rs 6.27 billion

Reliance Industries Limited has announced its unaudited results for nine months ended December 31, 1999, establishing several new corporate records.

RIL's sales of Rs 137.07 billion (US $ 3.151 billion) against Rs 109.47 billion for the corresponding period, an increase of 25 per cent and net profit of Rs 17.49 billion (US $ 402 million) are the highest in the private sector.

Operating profit for nine months increased by 28 per cent to Rs 31.53 billion (US$ 725 million) as against Rs 24.72 billion for the corresponding period.

Cash profit increased to Rs. 24.54 billion (US$ 564 million) against Rs 19.31 billion for the corresponding period, an increase of 27 per cent.

Net profit of Rs 17.49 billion (US$ 402 million) is against Rs 13.23 billion for the corresponding period, an increase of 32 per cent.

Earnings per share for the nine months is Rs 18.4 (US $ 0.42) and cash earnings per share for the nine months is Rs 26.0 (US $ 0.60).

Annualised earnings per share is Rs 21.8 (US $ 0.50) and cash earnings per share is Rs 30.8 (US $ 0.71).

The company's contribution to the national exchequer in the form of various taxes increased by 25 per cent to Rs 27.43 billion (US $ 631 million) over the corresponding period.

The company's production increased from 5.27 million tonnes to 6.39 million tonnes, representing a 21 per cent growth.

Total exports including deemed exports increased from Rs 5.12 billion to Rs 7.59 billion (US $ 174 million), an increase of 48 per cent.

The company's operations have helped the nation save precious foreign exchange to the tune of Rs 88.87 billion (US $ 2.043 billion).

The company has reconciled the accounts with General Accepted Accounting Principles of the US.

The difference is mainly on account of consolidation of associates, deferred taxation and investments of subsidiaries.

As about 95 per cent of the revenue of the company is earned in India, the true and fair picture is indicated as per Indian GAAP.

Commenting on the results, Anil D Ambani, managing director, Reliance Industries said: "Reliance is delighted to be stepping into the new millenium with the completion of its integrated refinery, petrochemicals, power and port complex at Jamnagar at a cost of over Rs 250 billion (nearly US$ 6 billion) -- a landmark event that underscores Reliance's presence in the leading ranks of the global energy and petrochemicals industry.

"The completion of the Jamnagar complex has synchronised well with the strong revival of demand in Asian economies, continued demand growth in the Indian economy and the improving outlook for the regional petrochemicals industry.

"We expect that the benefits from the Jamnagar complex, in terms of the additional stream of earnings from the investment in the Reliance Petroleum refinery, increased volumes of polypropylene and paraxylene, and the enhanced degree of integration, together with gains from the continuous focus on productivity, efficiency and cost reduction, will provide further momentum to future performance."

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