Reliance Industries today reported a 41 per cent growth in net profit at Rs 1,101 crore on a gross turnover of Rs 17,679 crore in the fourth quarter (January-March) of 2002-03.
For the year ended March 31, 2003, the company posted a 45 per cent increase in net profit at Rs 4,104 crore, and a 14 per cent increase in gross turnover to Rs 65,061 crore.
The 14 per cent rise in turnover was made up of an 18 per cent hike in product selling prices and a 4 per cent drop in volumes, Reliance Industries Vice-Chairman and Managing Director Anil Ambani said at a press conference in Mumbai today.
Anil Ambani said the company was likely to start commercial sales of gas from its recently discovered wells in the Krishna-Godavari basin in three years.
Reliance Infocomm, the group's telecom venture, was expected to break even in the first year of commercial operations, he added.
In a statement, Reliance Industries said its net profit for the year after consolidating subsidiary and associate concerns was Rs 4,003 crore. Its earnings per share for the full accounting year amounted to Rs 29.30, and its cash earnings per share were at Rs 54.00.
