Reliance’s FY 2007 turnover crosses $25 billion mark

Reliance’s FY 2007 turnover crosses $25 billion mark
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First Published: Thu, Apr 26 2007. 06 00 PM IST
Updated: Thu, Apr 26 2007. 06 00 PM IST
Mumbai: Reliance Industries Ltd’s net profit for the fiscal year 2006-07 crossed the Rs 10,000 crore mark, while revenues soared past the Rs 1,00,000 crore level.
The fiscal year net profit jumped by over 20% to Rs 10,908-crore, as against Rs 9,069-crore a year ago, while turnover zoomed by 29% to Rs 1,05,556 crore (25.74 billion dollars) as against Rs 81,894 crore in FY’06, RIL announced on 26 April 2007.
RIL, India’s most valued firm with a market cap of over $50 billion, has become the first private entity to cross the $25 billion revenue mark.
“I am pleased to report yet another year of robust performance by RIL. 2006-07 has also been an eventful year for the company,” RIL Chairman Mukesh Ambani said, attributing the performance to robust growth in petrochemicals and refining businesses.
The net profit for the January-March quarter rose by 14% to Rs 2,853 crore from Rs 2,502 crore in the year-ago period.
The quarterly turnover rose to Rs 25,980 crore against Rs 24,629 crore in the corresponding quarter of the previous fiscal — up 5.5%.
“While our petrochemicals and refining business recorded its best-ever performance, we have made substantial investments in our future growth engines such as EandP and retail businesses.
“In the past year, we created further value for millions of our shareholders through our strategic investment in RPL and through the value-accretive merger of IPCL with RIL. I am confident that RIL shall continue to deliver sustainable value for all its stakeholders,” Ambani said.
Ahead of the results, shares in Reliance ended 0.2% lower at Rs1,596.75 after hitting a record Rs1,624.80 during today’s trade — at which point the shares had gained almost 24% since early April.
The company’s share rose 7.7% in the March quarter, outperforming a 5.2% drop in the benchmark BSE index.
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First Published: Thu, Apr 26 2007. 06 00 PM IST