Reliance FY06 net up 23%, to pay 100% dividend

Reliance Industries today reported a 23% increase in consolidated net profit at Rs 9,398 crore for the year ended March 31, 2006 when compared with Rs 7,628 crore for the year ended March 31, 2005.

According to a release issued by the company to the BSE today, total income increased to Rs 84,130 crore in FY06 from Rs 68,128 crore in FY05.

The board has recommended a dividend of 100% i.e Rs 10 per equity share of Rs 10 each, the release added.

Commenting on the results, chairman & managing director Mukesh Ambani said: "It has been a very good year in an extremely challenging environment. We took several strategic steps to enhance and distribute wealth to our shareholders. What is even more gratifying is the growth in our profits from a little over $1 billion to over $2 billion in a span of just 24 months. We are now investing in each of our businesses to achieve substantial earnings growth in the future and create further value for millions of our shareholders."