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Reliance April-June output up 7%

India's largest petrochemicals company Reliance Industries Ltd said on Tuesday production volume in the April-June quarter rose seven per cent to 2.8 million tonnes over the year ago period, exceeding industry growth rates.

Reliance said in a statement it expected production volumes to grow further in the medium to long term through a combination of debottle-necking and fresh capacity additions and acquisitions.

It said its overall operating rate for the major plants was 103 per cent during the quarter.

Reliance said it had a 50 per cent market share in polymers during the quarter, slightly lower than before, because additional competing capacities had come up in the past two years.

It said polymer production grew by 17 per cent over the January-March quarter against a 10 per cent growth rate for the industry.

Reliance said production of polysters, for which it had a 55 per cent market share, grew eight per cent over the January-March quarter compared to six per cent for the industry.

Reliance said its manufactured exports in the April-June quarter were about Rs 7.5 billion, but said domestic sales contributed nearly 90 per cent of total sales.

Reliance announces results for the April-June quarter on July 31.

A Reuters poll of 12 brokerages earlier this month forecast its net profit to fall 15.03 per cent to Rs 5.2 billion over the year-ago period, and drop 3.70 per cent over the January-March quarter.

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