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RIL net profit for 07-08 up 63%
New Delhi, April 22, 2008
Beating market expectations, Reliance Industries, the
biggest private sector company in the country, has posted a
whopping 63 per cent rise in net profit at Rs 19,458 crore for
2007-08 on robust growth in refining, petrochemicals and
exploration businesses.
RIL`s turnover for the fiscal year ended on March 31, rose 18
per cent to Rs 1,39,269 crore, while its cash profit rose 43
per cent to Rs 25,205 crore, the company said in a statement.
During the year, exports were higher by 25 per cent at Rs
83,492 crore, the company said.
For the quarter ended on March 31, RIL reported a net profit
of Rs 3,912 crore, up 23.95 per cent from the year-ago period,
while the turnover for the quarter rose to Rs 37,286 crore.
Earning per share (EPS), which indicates profitability of the
company, for the year was Rs 105.0 against Rs 82.2 for the
previous year.
The outstanding debt as on March 31 was Rs 36,480 crore
compared to Rs 27,826 crore in the previous financial year.
RIL added 47 retail outlets during the year taking a total
number of outlets to 1,432.
To capture the growth opportunity in the ATF business, the
company has presence at 14 airports in India and is now
refuelling major airlines, the company added.
RIL Chairman and Managing Director Mukesh Ambani said it was a
a "landmark year for Reliance" as it posted record financial
and operating performance in challenging and volatile market
conditions.
"Our key investments in oil and gas development and refining
are expected to commission this year. I expect them to be key
drivers to deliver earnings growth in the near future," he
said.
RIL said it made nine new discoveries in its offshore
exploration and production (E&P) blocks and also expanded its
international footprint with new production sharing contracts
in Kurdistan, Oman, Yemen and signed contracts for two
offshore blocks in Columbia.
Besides, the company`s Jamnagar unit was also converted into
an export oriented unit (EOU) with effect from April 16 2007,
the company added.
RILs oil and gas exploration and production business included
several key achievements, including nine new discoveries and
developed plan for ma oil fields (kg-d6). Besides the Sohagpur
CBM blocks (east and west) was approved by the DGH.
In the refining and marketing segment, Reliance has taken over
the operations of Gulf Africa Petroleum Corporation and
started shipping products to the east African market.
In petrpochemicals, Reliance signed an agreement with the
receivers and managers of Hualon Corporation in Malaysia, to
acquire the assets of Hualon. Besides, RIL has signed a MoU
with GAIL to explore opportunities to set up petrochemical
plants outside India in feedstock rich countries.
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