Reliance Q2 net profit up 26%
16 Oct 2003
The company's total income increased 10 per cent to Rs 12,944 crore from Rs 11,723 crore in the second quarter of the previous fiscal. The company's stock price jumped 3.6 per cent to Rs 497.45 after the result in a firm market. The Bombay index was up 1 per cent at 4,904.07 points.
Prices of Reliance's petrochemical products, which account for about 60 per cent of sales, rose up to 40 per cent in the past quarter. Polyesters used for textiles, polymers for plastic and chemicals for detergents became costlier.
Says Reliance Industries chairman and managing director Mukesh D Ambani: "We are satisfied with Reliance's strong performance in the first quarter. We are looking forward to the future with renewed confidence on growth prospects for all our businesses, including oil and gas exploration and production, refining and marketing of petroleum products, petrochemicals, power and infocomm."
Adds Reliance Industries vice chairman and Managing Director Anil D Ambani: "We are happy that Reliance has reported another quarter of record financial performance, driven primarily by improved operating conditions in the global and domestic petrochemicals industry, and continuing reduction in our financial costs.
"Our sales volumes during the quarter showed an increase, with the end of various disruptions arising from the Iraq war, the SARS epidemic, and strikes in our downstream industries and the transportation sector.
"The 37-per cent quarter-on-quarter growth in our export revenues, in an environment of an appreciating domestic currency, reflects the international quality of our products, our global competitiveness, and our strong customer relationships, stands in testimony to the significant gains made by us in achieving enhanced productivity and efficiency."
For the quarter ending 30 September 2003 the company expects to announce its results in the last week of October 2003.