Mumbai: Corporate giant Reliance Industries Friday reported a 28.14 percent rise in its third-quarter net profit at Rs 5,136 crore, helped by robust performance in its refining and petrochemicals businesses.
The turnover rose by about six percent to Rs 62,399 crore for the quarter ended December 31, 2010, from Rs 58,848 crore in the year-ago period.
Commenting on the results, RIL Chairman and Managing Director Mukesh Ambani said: "Reliance had another record quarter as both refining and petrochemical margins continued to improve and certain products recorded historic levels."
"Robust demand growth in home markets and highly competitive assets enabled Reliance to have industry leading operating rates and margins," he added.
The company said in a statement that its turnover for the nine-month period ended December 31, 2010 rose by 31 percent to Rs 183,368 crore, with higher sales volumes and increased prices each accounting over 15 percent of revenue growth.
Exports for the nine-month period rose by 29.2 percent to Rs 100,995 crore.
RIL shares today ended the day with a gain of 1.73 percent at Rs 986.50 apiece on the Bombay Stock Exchange.
While the results were announced after the market close, analysts said that the shares appreciated in expectations of a good set of results.
Commenting on other businesses, RIL said that its subsidiary Reliance Retail continued to expand presence of its specialty formats, as well as its various joint ventures, during the quarter.
Reliance Retail is operating over 1,000 stores of various formats in 14 states and more than 85 cities in India serving over 2.5 million customers every week.
About the telecom business, RIL said its subsidiary Infotel Broadband Services is in the process of finalising the arrangement with leading global technology players, service providers, infrastructure providers, application developers, device manufacturers and others to leapfrog India to the 4G revolution.
Infotel has emerged as a successful bidder in all the 22 circles of the auction for Broadband Wireless Access (BWA) Spectrum conducted by the government.
The robust profit growth came despite a significant increase in staff costs and overall expenditure.
Total expenditure rose to Rs 53,603 crore in the latest quarter, from Rs 51,807 crore in the quarter ended December 31, 2009. The staff cost rose to Rs 661 crore in the quarter ended December 31, 2010, from Rs 576 crore in the year-ago period.