Reliance Industries Ltd (RIL) has reported a 13 per cent increase in net profit for the first quarter ended June 2008, as it was able to sell its products at higher prices and also because of doubling of export sales.
The Mukesh Ambani-owned flagship firm has reported a net profit of Rs 4,110 crore or earnings per share (EPS) of Rs 28.3 for the quarter ended June 2008, against Rs 3,630 crore, or EPS of Rs 25, in the year-ago period. Turnover in the first quarter of fiscal 2009 increased 41 per cent to touch Rs 41,805 crore against Rs 29,721 crore in April-June 2007.
Nearly 95 per cent of the increase in turnover was due to increase in prices, with volume increases accounting for the rest, said a press release from the company. One of the primary reasons it was able to export more was due to the company's decision to shut down 1,432 petrol pumps it owned in India after it could not compete with state-owned oil marketing companies supported by government subsidy.
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Reliance Natural Resources Ltd (RNRL)'s a net profit of Rs 16 crore for the first quarter ended June 30, a 6.67 per cent growth from that in the corresponding period a year-ago. The firm had a net profit of Rs 15 crore in the first quarter of FY'08, RNRL said in a filing to the Bombay Stock Exchange. The total income rose 42 per cent to Rs 93 crore in the latest quarter, from Rs 65 crore in the same period last fiscal. However, the company's cash profit dipped by Rs 1 crore to Rs 16 crore during the quarter.
Reliance Natural Resources Ltd (RNRL)'s net worth stood at Rs 1,746 crore, while the earnings per share was at Rs 0.10 per piece, the filing added. The board has appointed Mr Anil Singhvi as an additional Director and Vice-Chairman of the company, the filing said.Shares of RNRL closed at Rs 95.50, down 3.34 per cent on the BSE.
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India's annual inflation rate is expected to have risen to 11.63 per cent in the week ended June 21, Indian media said on Friday.This would put the wholesale price index at 237.1 points, up from 236.1 points a week earlier.
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