RIL third quarter profit up 52 % at Rs 2091 cr
Friday, January 21 2005 11:57 Hrs (IST) - World Time - 
Mumbai:
Reliance group flagship company RIL (Reliance Industry Limited) today (Jan 21, 2005) posted a profit of Rs 2091 crore for the quarter ended December 2004, recording a massive growth of 52 per cent over the corresponding quarter of the last fiscal.
The net profit for the first nine months ending December 2004 was placed at Rs 5280 crore compared to Rs 3741 crore during April-December 2003.
Spotlight: Battle of Ambanis
According to the financial performance considered at the Board meeting of the flagship company in Mumbai, chaired by Mukesh Ambani, the turnover for the first nine months was placed at Rs 68,535 crore, reflecting an increase of 27 per cent over Rs 54,066 crore during April-December 2003, sources said.
Anil Ambani, Vice-Chairman of RIL, was also present at the board meeting which lasted for an hour.
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The total income, net of excise, of the company increased to Rs 18,099 crore during the third quarter (Oct-Dec 2004) as compared to Rs 12,723 crore during the corresponding period of the previous fiscal.
The net profit during the third quarter of 2003-04 stood at Rs 1374 crore.
This is the first meeting since December 27, 2004 which witnessed an open clash between Mukesh and his younger brother Anil over the ownership of the Rs 90,000 crore group founded by their father Dhirubhai Ambani more than 25 years ago.
On December 27, the entire Board had rallied behind Mukesh even as Anil resisted the move for buyback of shares and raised contentious issues relating to RIL's investment in Infocomm, headed by Mukesh.
The RIL meeting follows the Board meetings of group companies Reliance Energy on Wednesday and IPCL yesterday.
PTI
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