Reliance profit crosses $1-billion mark

Mumbai: Reliance Industries Ltd (RIL) yesterday became the first private sector Indian company to register annual profits of more than a billion dollars.

The company said its net profit rose 25.73 per cent to Rs 5,169 crore ($1.18 billion) in the financial year ended March 31, 2004, mainly because of higher product prices.

For the fourth quarter, net profit stood at Rs 1,419 crore (Rs 1,101 crore).

Anil Ambani, vice chairman and managing director, RIL, said that the company is targeting a growth of 20 per cent every year for the next five years. Ambani expects Reliance to generate cash flows of more than Rs 50,000 crore in five year’s time.

RIL has announced a dividend of Rs 5.25 per share or 52.50 per cent amounting to a payout of Rs 825 crore, a company release said.

RIL's earnings per share for the fourth quarter was Rs 10 against Rs 7.80 while EPS for the year was Rs 36.8 (Rs 29.3).