Mumbai: Beating the market expectations, Reliance Industries Ltd (RIL) has posted 26.04 per cent rise in net profit at Rs 1,263 crore for the second quarter ended September 30, 2003, compared to Rs 1,002 crore in same period previous fiscal.

The net turnover in the reporting quarter has gone up to Rs 12,693 as against Rs 11,519 crore in the July-September 2002, RIL vice-chairman Anil Ambani told reporters in Mumbai on October 16.

The net profit and turnover for the six months ended September 2003 stood at Rs 2,367 crore (Rs 1,920 crore in April-September 2002) and Rs 25,194 crore (Rs 22,169 crore) respectively, Ambani said.

"We are delighted with another quarter of strong financial performance. Stability in feedstock prices, accompanied by increases in product selling prices, has contributed to our improved margins," Ambani said.

The continued focus on financial and working capital management has resulted in significantly lower interest costs during the second quarter, further improving the net margins, he said.

Exports were also up by 41 per cent at Rs 7,837 crore (22 per cent of revenues), in a period that has seen a 3.5 per cent appreciation in the domestic currency, demonstrating the international quality and global competitiveness of RIL products, he added.

Following better than expected performance, RIL shares rose to a high of Rs 494.30 from the opening price of Rs 487 on the Stock Exchange, Mumbai.

PTI