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Reliance Hits Speed Bump

Quarterly results of Reliance Industries have indicated a fall in profits

In its report filed with the Bombay Stock Exchange for the quarter ended March 31, 2009, the company has posted a net profit after tax of Rs 3546 crore as compared to Rs 3912 crore for the quarter ended March 31, 2008. This translates to a fall of 9 per cent.

Even total income of the company fell by 22 per cent, from Rs 37575 crore for the quarter ended March 31, 2008 to Rs 29355 crore for the quarter ended March 31, 2009.

The results for the year ended March 31, 2009, the company posted a net profit after tax of Rs 15279 crore as compared to Rs 19458 crore for the year ended March 31, 2008. A fall of 21 per cent. On y-o-y basis the company saw turnover fall by 25 per cent.

However, the poor set of numbers was bolstered by some good figures too, with the total income of the company rising by 10 per cent. This increased from Rs 134338 crore for the year ended March 31, 2008 to Rs 148324 crore for the year ended March 31, 2009.

Reliance Petroleum Ltd
Mukesh Ambani-led Reliance Petroleum Limited was set up to harness an emerging value creation opportunity in the global refining sector by Reliance Industries Limited (RIL), one of India's largest private sector companies with a significant presence across the entire energy chain.

Initially, RPL was a subsidiary of RIL, but with effect from March 2, 2009 it was merged with RIL. The company started its commercial production from March 15, 2009.

The company has posted a net profit after tax of Rs 84 crore for the quarter ended March 31, 2009. Total income stood at Rs 3702 crore for the quarter ended March 31, 2009.

At 3 p.m. its scrip was being traded at Rs 109.00, whereas on April 22 it had closed at Rs 106.70.