Reliance Industries first quarter net up 13 percent

July 24th, 2008 - 7:29 pm ICT by IANS  

Mumbai, July 24 (IANS) The Mukesh Ambani-promoted Reliance Industries Ltd (RIL) Thursday announced a net profit of $955 million (Rs.41.1 billion) during the first quarter this fiscal, compared to $907.5 million (Rs.36.3 billion) for the same period the previous year, recording a growth of 13 percent. For the latest quarter ending June 30, total revenues surged to $10.45 billion (Rs.418.05 billion), compared to $7.43 billion (Rs.297.2 billion) in the corresponding quarter last year, RIL said in a regulatory statement.

“At Reliance, we continued to scale new peaks in financial performance despite challenging business environment including domestic inflation and weakening of the leading economies of the world,” said Ambani, RIL chairman and managing director.

Ambani said he was confident that new growth drivers - oil and gas, organised retailing and agro-retail - would take Reliance to a higher growth.

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