Reliance Q4 op profit up 32%, record full year

21 April 2008 15:22  [Source: ICIS news]

MUMBAI (ICIS news)--India’s Reliance Industries Limited (RIL) reported a 32% year-on-year rise in its fourth-quarter operating profit to Indian rupees (Rs) 63.07bn ($1.59bn) due to a robust performance in the oil and gas and refining segments, it said on Monday.

The company's fourth-quarter oil and gas revenues surged 51% to Rs8.3bn, while those of the refining segment increased 36% to Rs287bn.

For the three months to 31 March, the petrochemicals major’s net sales jumped 44% to nearly Rs373bn, while net profit surged 37% to over Rs39bn.

RIL's earnings before interest, tax, depreciation and amortisation (EBITDA) for the 2007-2008 fiscal increased 18% to a record Rs242bn, and its turnover for the period rose 18% to an all-time high of Rs1,393bn, also on the back of its oil and gas and refining segment's performances.

“This was a landmark year for Reliance as we delivered record financial and operating performance in challenging and volatile market conditions,” Reliance’s chief managing director Mukesh Ambani said.

Meanwhile, Reliance's full-year net profit surged 63%, also to a record of nearly Rs195bn.

“Our key investments in oil and gas development and refining are expected to commission this year,” Ambani said, adding that he expects them to be key drivers to deliver earnings growth in the near future.

RIL's full-year oil and gas sales increased 32% to Rs27bn, while its refining segment recorded higher sales by 17% at Rs1,007bn.

Shares of the company were up 0.13% to close at Rs2,643.60 on the Bombay Stock Exchange.

($1 = Rs39.73)

Aaron Rodrigues contributed to this article

By: Divya Chowdhury
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