Mumbai: Reliance Industries Ltd has reported a 26.54 per cent rise in net profit at Rs 4,104 crore for the financial year ended March 31, 2003, compared to Rs 3,243 crore posted in the previous fiscal, while for fourth quarter profits were up by 31.85 per cent.

The board of the country's largest conglomerate has recommended a 50 per cent dividend (Rs five per share) for FY-03 resulting in a total payout of Rs 787 crore.

Excluding the extraordinary income, the net profit for FY-03 has gone up by 45 per cent at Rs 4,104 crore compared to Rs 2,831 crore, RIL said in a release on April 23.

Net turnover in the period under review also increased to Rs 45,898 crore as against Rs 42,089 crore posted in 2001-02.

Exports during FY-03 have also gone up to Rs 11,510 crore (Rs 11,200 crore in the last fiscal).

For the fourth quarter ended March 2003, the net profit was higher at Rs 1,101 crore (Rs 835 crore), while net sales jumped to Rs 12,755 crore (Rs 9,993 crore).

RIL said the net profit after consolidating the subsidiary and associate companies is Rs 4,003 crore.

The figures for FY-03 are prepared based on accounting standard (AS) 21 – consolidated financial statements and accounting standard (AS) 23 – accounting for investments in associates in consolidated financial statements and are therefore not comparable with those of previous year.

The company's production of oil and gas and petrochemicals, including toll conversion, increased to 11.8 during FY-03 (11.5 mn tonnes), representing a three per cent growth.

Increase in sales reflects the impact of rise in product selling prices compared to previous fiscal, it said adding raw material prices remained volatile in 2002-03 and domestic product prices also did not keep pace with the changes in raw material prices.

The company was able to maintain operating margins at 13 per cent despite highly volatile raw material prices.

RIL chairman and managing director Mukesh Ambani said, "The discovery of world's largest gas find in 2002 in India, acquisition of IPCL and BSES and the countrywide launch of Infocomm services, all in span of one year, are significant milestones in Reliance's growth."

RIL vice chairman and managing director (MD) Anil Ambani said, "We are enthused with the company's strong financial performance, in a year that saw unprecedented volatility in feedstock and product prices, and renewed pressures on global business and consumer confidence as a result of increased geo-political uncertainties in several regions of the world."

PTI