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Balance sheet beats brother brawl
- Reliance profit soars 61%

Calcutta, April 27: Reliance Industries (RIL) has reported a 61.52 per cent leap in its fourth-quarter net profit at Rs 2,292 crore against Rs 1,419 crore in the same period of 2003-04.

Net sales increased 26.44 per cent to Rs 17,839 crore from Rs 14,108 crore in the same period of the previous year. For all of 2004-05, the net profit shot up 46.4 per cent to Rs 7,572 crore from Rs 5,169 crore. The consolidated profit increased 47.57 per cent to Rs 7,628 crore from Rs 5,169 crore.

The 2004-05 turnover went up 27.5 per cent to Rs 66,051 crore from Rs 51,802 crore in 2003-04. Cash profit was up 31 per cent at Rs 12,087 crore, while operating margin was stable at 19.4 per cent. Earnings per share stood at Rs 54.24. The company has declared a dividend of 75 per cent.

The petrochemicals business continued to do well. Revenues from this area went up 39.12 per cent to Rs 9,074 crore.

The contribution of refining to RIL's revenues was Rs 13,206 crore. This came on the back of a 96-per cent capacity utilisation at the company's Jamnagar refinery, which processed 31.5 million tonnes of crude in 2004-05. Exports were at 10.2 million tonnes compared with 7.5 million tonnes in 2003-04. Retail pumps are being set up in various locations. The group has permission to set up 5,849 such gas stations in the country.

During the year, a development plan for producing 40 million cubic metres of gas per day from Dhirubhai oil blocks in the Krishna-Godavari basin was approved by the directorate general of hydrocarbons. Mining lease for 20 years, effective from March 2, 2005, has been granted too.

Five more wells were drilled in the block during the year. In 2004-05, Reliance also bid for exploration in Oman.

Heat on REL

Reliance Industries has sent Reliance Energy a notice, asking it to explain why audited accounts of the power major were not submitted to the parent company.

'It came as a shock to us. Even though the REL board approved the audited accounts on April 14, we were informed on April 25 that talks with auditors on the accounts were not over. Hence, we regret our inability to release accounts for 2004-05,' the RIL letter states.

Copies of the notice, sent by RIL company secretary Vinod Ambani to Reliance Energy vice-chairman Satish Seth, were also dispatched to chairman Anil Ambani and other directors. The power major has until Thursday to reply.

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