rofit at Rs 4,104 crore

Mumbai:India's largest industrial conglomerate, Reliance Industries Ltd (RIL), has reported a 45-per cent (excluding extraordinary income) growth in its net profit at Rs 4,104 crore during the fiscal 2002-03 as against Rs 2,831 crore recorded during the fiscal 2001-02.

RIL, however, said the net profit including extraordinary income rose by 26.54 per cent at Rs 4,104 crore as against Rs 3,243 crore in the previous fiscal.

The company posted a higher net profit for the fourth quarter ended March 2003 at Rs 1,101 crore as against Rs 835 crore in fiscal 2002, with net sales jumping to Rs 12,755 crore (Rs 9,993 crore in the previous year).

The board has recommended a 50-per cent dividend (Rs 5 per share) for fiscal 2003, resulting in a total outgo of Rs 787 crore, as against a dividend of Rs 47.5 per cent last year.

RIL scrip on the Bombay Stock Exchange fell from Rs 284 on Wednesday to Rs 277. RIL's net turnover in fiscal 2003 increased to Rs 45,898 crore as against Rs 42,089 crore last year. Exports went up to Rs 11,510 crore against Rs 11,200 crore, the company said.

Analysing the results, Pushpinder Singh, an analyst at Refco-Sify Securities, Mumbai, said: "The results are largely in line with expectations, driven by improved margins in the petrochemicals business. The success of the company's telecom venture will be a key driver for the stock going forward."

Karthik Ramakrishnan, an analyst with Sunidhi Consultancy, said: "The numbers themselves are in line with expectations. The share price movement from here on will basically depend on the telecom strategy, which is an area of concern, and how they plan to develop their gas findings."