India: Reliance Posts Profit Rise of 28%
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Wednesday, 23 April 2008 |
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Riding on higher margins on petroleum refining and petrochemicals and
profits from share sale, Reliance Industries Ltd (RIL) posted a profit
of Rs 19,458 crore for FY08. This includes a gain of Rs 4,197 crore
from the sale of shares in Reliance Petroleum.
The company’s performance over the past few years has been driven by
the strength in refining margins, the price difference between crude
oil and finished products, which averaged $15 per barrel for the year.
RIL recorded total income of Rs 138,371 crore for the year, up about 20
per cent.
Amongst the other group ventures, Reliance Retail now has a network of 570 stores across several cities.
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