Reliance foresees growth in this fiscal

Reliance Industries, which posted a 30 per cent jump in its net profit and 14.23 per cent in net sales during the first quarter of the current financial year, expects to register another record-breaking performance this fiscal.

Anil Ambani, vice-chairman and managing director of Reliance Industries said, "The improvement in our margins and profitability has been achieved, overcoming the challenge of record-high crude oil prices, the company's major feedstock. Operating conditions in both the major businesses, refining and petrochemicals, remain strong. We are looking forward to another year of record-breaking financial performance from Reliance, save there is no major unfavouable circumstances."

Ambani expressed concern over the weaker monsoon in certain states and floods in some other parts of the country and termed them as "challenges in the short run." He said "The major causes for concern are the depreciating rupree and rising inflation."

He added that there is an overall concern over the demand of various products. "We will have to see whether the GDP growth rate will be revised downwards," said Ambani. According to him, the data available till today indicates that the demand for petroleum goods to be robust. Going by the company's performance till date, there will be growth in this fiscal.

Speaking to media persons on volatility of international prices of crude, Ambani said, "People have stopped predicting crude prices. As we see it, with the onset of winter crude prices will firm up. We are not going to see a huge respite and crude prices will remain in the range of $ 40 per barrel."