Total income has increased from Rs275.73bn for the quarter ended March 31, 2007 to Rs375.75bn for the quarter ended March 31, 2008.

Reliance Industries announces Q4 & FY 08 results

Reliance Industries Ltd has announced the following Audited results for the quarter & year ended March 31, 2008:

The results for the Quarter ended March 31, 2008

The company has posted a net profit after tax of Rs39.12bn for the quarter ended March 31, 2008 as compared to Rs31.56bn for the quarter ended March 31, 2007. Total income has increased from Rs275.73bn for the quarter ended March 31, 2007 to Rs375.75bn for the quarter ended March 31, 2008.

The results for the Year ended March 31, 2008

The company has posted a net profit after tax of Rs194.58bn for the year ended March 31, 2008 as compared to Rs119.43bn for the year ended March 31, 2007. Total income has increased from Rs1121.71bn for the year ended March 31, 2007 to Rs1343.38bn for the year ended March 31, 2008.

This was yet another successful year for RIL’s Oil and Gas Exploration & Production business. Reliance made nine new discoveries in its offshore E&P blocks.

Reliance expanded its International footprint in Exploration and Production:

o Executed two Production Sharing Contracts (PSC) in Kurdistan
o Signed Production Sharing Agreement (PSA) for an offshore block in Oman
o Signed two Production Sharing Agreements in Yemen
o Signed Contracts for two offshore blocks in Columbia

RIL’s Jamnagar unit was converted into an Export Oriented Unit (EOU) with effect from 16th April 2007. Reliance Petroleum Limited (“RPL”) achieved 90% overall progress in implementation of its complex refinery, coming up in a Special Economic Zone at Jamnagar. RPL has mobilised sufficient site infrastructure to sustain construction on a fast track in the coming quarters.

Reliance has acquired a majority stake and management control of Gulf Africa Petroleum Corporation (GAPCO), a petroleum downstream company in East Africa.

RIL and GAIL signed a MoU to explore opportunities to set up petrochemical plants outside of India. Earlier, RIL and GAIL had signed a MoU for co-operation in identified areas in natural gas sector including gas pipelines and city gas distribution.

Reliance has signed an agreement to acquire the assets of Hualon, a leading polyester producer in Malaysia and commenced operations pending the transfer of assets.

“Project Drishti” - a unique RIL and NAB initiative crosses 5,000 nationwide corneal graft surgeries for the underprivileged.

Reliance was awarded the “Outstanding Exporter of the year” award in the Petroleum refinery and petrochemicals and the “Overall Outstanding Exporter of the year” award instituted by CNBC TV18.

Reliance was awarded the “Business Today’s Best Managed Companies Award” in the Energy, Chemical and Utilities Sector. Reliance’s Hazira unit adjudged winner of “Golden Peacock Global Award 2008” for Corporate Social Responsibility.

Reliance’s Hazira unit was awarded the “Deming Quality Control Award” for Operations Business Unit (2007) making it the World’s First petrochemical company to win this award.

Reliance’s Jamnagar unit was adjudged the winner of the “Golden Peacock National Training Award 2007”. Reliance’s Hazira unit was adjudged winner of the “Golden Peacock Innovation Award 2007”. The textile brand VIMAL re-launched with new look and offerings.

International investment rating agencies Moodys and S&P reaffirmed investment grade rating for international debt of RIL. Reliance Retail operates 590 stores in 57 cities.

Commenting on the results, Mukesh D. Ambani, CMD, Reliance Industries Limited said: “This was a landmark year for Reliance as we delivered record financial and operating performance in challenging and volatile market conditions. Our key investments in oil and gas development and refining are expected to commission this year. I expect them to be key drivers to deliver earnings growth in the near future.”