RIL net up by 47 pc; Infocomm turns profitable
Wednesday, April 27 2005 15:54 Hrs (IST) - World Time - 
Mumbai:
Virtually ignoring the turbulence in the Ambani family over ownership issues, Reliance group's flagship company RIL today (Apr 27, 2005) announced an impressive 47 per cent growth in net profit at Rs 7572 crore during 2004-05.
The group company Reliance Infocomm, headed by Mukesh Ambani, also reported its first profit of Rs 51 crore over coming the loss of Rs 390 crore in 2003-04.
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Rewarding the three million shareholders, RIL announced a whopping 75 per cent dividend. The shareholders would be getting Rs 7.50 per share of Rs 10 each.
In a press statement, RIL said that the company became the first private sector entity to record a net profit of over $ 1.7 billion.
RIL's turnover during the year stood at Rs 73,164 crore in 2004-05 compared to Rs 56,247 crore in 2003-04, recording a growth of 30 per cent.
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The Board meeting lasted for about two hours and RIL Vice Chairman Anil Ambani, who alleged that several people wanted him out of the company, left the company head quarters without taking any question from waiting mediapersons on what transpired at the meeting.
Elaborating on its oil and gas business, RIL said that it has received Government approval for a plan to begin production of natural gas from its gigantic field in Bay of Bengal.
"A development plan for producing 40 million standard cubic meters per day of gas initially from Dhirubhai 1 and 3 of KG-D6 block has been approved by the Directorate General of Hydrocarbons (DGH). Mining lease for 20 years effective from March 2, 2005 has been granted," the company said in a press release in Mumbai.
The release did not give the start date for production. It also did not state the investment the company will make in bringing the gas in the deep-sea block to production.
While in case of other associate companies like IPCL and Reliance Energy, the statement said that IPCL recorded a jump of 188 per cent in its net profit at Rs 789 crore in 2004-05 and Reliance Energy clocked a growth of 42 per cent in net profit at Rs 520 crore.
RIL's telecom arm Reliance Infocomm, which was marred by controversies over routing of international calls as local ones, reported profits within little over two years of its operations on a turnover of Rs 5387 crore reflecting a growth Over 99 per cent.
PTI
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