Reliance FY06 profit at Rs 9,069 crore

Reliance Industries announced the results for the quarter and year ending March 2006.  Its net profit rose 20 per cent to Rs 9,069 crore ($2,033 million) against Rs 7,572 crore for the previous year.

Following are the annual highlights:

• Turnover of Rs 89,124 crore ($19,976 million) against Rs 73,164 crore for the previous year, an increase of 22%
• Operating Profit (PBDIT) of Rs 14,982 crore ($ 3,358 million) against Rs. 14,261 crore for the previous year, an increase of 5%.
• Earnings Per Share for the year is Rs. 65.1 ($ 1.46)
• The consolidated net profit of the company after consolidating its subsidiaries and associates is Rs. 9,398 crore ($ 2,106 million).

Quarter highlights:

• Turnover of Rs 26,448 crore ($ 5,928 million) against Rs 19,840 crore for the corresponding previous quarter, an increase of 33%
• Net Profit of Rs 2,502 crore ($ 561 million) against Rs 2,292 crore for the corresponding previous quarter, an increase of 9%.

Commenting on the results, chairman and 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".

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