Reliance Q1 net rises 20%

Mumbai: Reliance Industries Ltd has registered a 20.26-per cent increase in its net profit for the quarter ended June 2003. The net profit for the quarter was Rs 1,104 crore (Rs 918 crore).

The company said profits were higher because of better sales volumes, including exports, and lower financial costs. The company's net turnover increased by 17.38 per cent to Rs 12,501 crore (Rs 10, 650 crore).

Exports (including deemed exports) were up 37 per cent to Rs 3,466 crore (Rs 2,535 crore). Total expenditure was up 18.78 per cent at Rs 10,213 crore (Rs 8,598 crore). The company lowered interest payments to Rs 349 crore (Rs 407 crore) by refinancing high-cost long-term debts. Depreciation was Rs 700 crore (Rs 646 crore).

Expenses include an extraordinary expense of Rs 76 crore, which was paid towards a voluntary retirement scheme at Reliance's Patalganga plant, which was accepted by over 400 workers and staff, according to a company press release.