Mumbai: Reliance Industries Limited (RIL) has posted a 20 per cent rise in its net profit at Rs 1,104 crore for the first quarter ended June 30, 2003 as against Rs 918 crore in the same period last fiscal.

The turnover for the reporting quarter grew by 17 per cent at Rs 13,509 crore as against Rs 11,593 crore in the same period in 2002-03, the company said in a release on July 31.

The net turnover for the reporting quarter grew to Rs 12,501 crore as against Rs 10,650 crore in April- June 2002, the release said.

The increase in sales in Q1 reflects the impact of rise in product selling prices of three per cent and increase in sales volume of seven per cent compared to the same quarter in 2002, it said.

The other income during Q1 of the current fiscal was down at Rs 187 crore as against Rs 201 crore in the first quarter of last fiscal.

The exports, including deemed exports, were up by 37 per cent to Rs 3,466 crore in April-June 2003 (Rs 2,535 crore in Q1 last fiscal), it said.

The company's operating margins were higher at 13.3 per cent for the quarter and this was achieved with higher degree of integration, greater focus on speciality products and continued focus on costs, productivity, the release said.

RIL chairman and managing director Mukesh Ambani said, "We are satisfied with the strong performance in the first quarter and are looking forward to the future with renewed confidence on growth prospects for all our business, including oil and gas exploration and production."

PTI