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Ril turnover exceeds Rs 100,000 in nine months, with record Qtr Earnings

Reliance Industries Limited (RIL) today reported its financial performance ended for the nine months period 31st December 2007. According to the unaudited results RIL marks a significant growth in each segment compared to the previous period.

Total sales increased by 13% to Rs 100,572 crore (U.S. $ 25.5 billion) and cash profit up 51% to Rs Crore 19,714 (U.S. $ 5.0 billion). Net Profit (including extraordinary items) rose by 77% Crore to Rs 15,546 (U.S. $ 4.0 billion) extraordinary income of Rs 4733 crore (U.S. $ 1.2 billion). Net profit (excluding extraordinary Items) by 29% to Rs Crore 11,349 (U.S. $ 2.9 billion) and a gross refining rargin for 3Q FY 07-08 was to 15.4 U.S. $ / bbl and for 9M FY 07-08 was U.S. $ 14.9 / Bbl.

Commenting on the results, Shri Mukesh D. Ambani, CMD, Reliance Industries Limited, said: "I am pleased to report that Reliance to previous messages surpass the financial capacity to continue. The quality of our manufacturing assets and our people is through the various awards and recognitions, we have received, recognized in recent years. The new growth platforms around oil and gas, organized retailing and agro-retail initiatives are gathering momentum and the initial response these initiatives are very encouraging. Each of these initiatives addresses of nature from India economic and social needs. "

During the period of nine 31 months December 2007, the refinery processed 23.7 million tonnes, and generated an operating profit of 96%. Petrochemicals production increased by 4% to 14.5 million tonnes, against 14.0 million tonnes for the corresponding period last year.

The company is issuing 6,96,75,402 shares of Rs 10 each reserved for the offer eligible employees of the Company and its subsidiaries under Employees Stock Option Plan (ENO). During the years 2006-07, the company 2,87,28,000 Options granted to eligible employees to subscribe to the appropriate number of fully paid shares of the Company. For the period ending 31 December 2007, the company has other options 10,35,000 be granted under the terms of the ESOs.

Basic earnings per share (EPS) for the nine months period was Rs 107.0 (U.S. $ 2.71). Basic earnings per share (EPS), with no extraordinary items for the period of nine months of Rs 78.1 (U.S. $ 1.98) to RS was. 60.5 for the corresponding Period last year. The outstanding liabilities as at 31 December 2007 Rs 31,553 crore (U.S. $ 8.0 billion euros was crore) to Rs 27,826 as on 31 March 2007 compared. The Net Gearing as at 31 December 2007 was 21.8% versus 25.2% at 31 March 2007 compared. RIL kept it domestic credit ratings, which were from AAA Crisil and Fitch. In same period, Moody's and S & P investment grade credit ratings confirmed for the international debt of RIL, as Baa2 and BBB respectively.

During the reporting period, RIL incurred capital expenditure of Rs Crore 13,891 (U.S. $ 3.5 billion). With the completion of major expansion plans in the refining and petrochemical companies, of investments went mainly for the oil and gas initiatives. The joint investment of Rs 1714 crore (U.S. $ 435 million) in the nine months was due primarily the purchase of real estate for office purposes.

This was yet another eventful time for RIL Oil & Gas Exploration & Production, which in several important managed services. The starched Group of Ministers (Egome) has approved the pricing formula for the sale of gas from KG D6. RIL announced two gas discoveries (wells: KG-III-05-P1 and KG-III-05-J1) conglomerates in Miocene reservoirs in the offshore Krishna basin on the east coast of India in the shallow water block KG-OSN-2001 / 1 with an area of 1100 Square kilometers has. Four other findings has now GS01 also MD1 in block KG-D4, Well CY-III-D5-A1 in block CY-III-D5, Well KGD6-R1 in block KG D6 and Well GS01 B1 in block. RIL has also alleged development plans for the NEC25 block and MA oil fields (KG D6) to the DGH for approval. The Development Plan was Sohagpur CBM Blocks (East and West) approved by the DGH.

RPL successfully completed the second year of implementation of its refinery project with an overall project progress of 82%. Based the progress made so far expected the RPL refinery project before its original completion schedule of December 2008.

The international business comprises 10 Blocks with an area of approximately 80,000 square kilometers – 2 each in Yemen, Oman, Kurdistan and Colombia, Per 1 in East Timor and Australia. In addition, Reliance also has 25% producing a block in Yemen. With these blocks, about 70% of all international area, Reliance is expected to be around in the border areas of offshore deep sea. A number of international upstream opportunities are pursued in Africa, Middle East and Asia-Pacific and are in various stages of negotiations.

The third quarter of fiscal year 2007/08 was an eventful quarter, Reliance Retail. This quarter was the launch of 6 new formats. In addition, RRL entered into an alliance with Apple for to build a chain of Apple Specialty Stores branded as iStore. This is RRL first alliance with an international brand. This first iStore in Bangalore during the quarter was started.

Reliance Fresh started the quarter with 329 stores and opened a further 112 branches in the quarter with 441 stores in over 45 cities exit. As the day there are 453 Reliance Fresh stores operational across India.

The new formats launched by RRL this quarter are Reliance Trends, Reliance Footprint, Reliance Wellness, Reliance TimeOut, Reliance Jewels and Reliance Super. Reliance Digital launched 2 additional stores in Navi Mumbai and Bangalore and bringing the total Reliance Digital stores up 3. During the months of October and November, Reliance Trends, a specialty clothing store, was the mens', women's and children's clothing Gurgaon and Delhi launched. RRL also opened its chain of specialty wellness stores with preventive, curative and beauty solutions under the brand name of Reliance Wellness in the cities of Hyderabad and Bangalore.

In December 2007 another specialty format in Bangalore, RRL launched, with an extensive range of goods in books, music, stationery, toys and gifts under the brand name Reliance TimeOut. This quarter was also thrust into fine Reliance Jewels and brand under the brand name of Reliance Jewels in Bangalore. RRL closed this quarter by opening its ninth format, Reliance Super, in Amrtisar.

With the introduction of new formats, RRL now operates 9 different formats of India.The RelianceOne loyalty membership base continue to grow and has crossed over 2 million loyal customers.

During the nine months to the Domestic demand for petroleum products by 5.9% over the corresponding period last year increased. Demand for HSD, responsible for one third of the consumption of crude oil accounts Products, registered a growth of 9.8%, while demand for MS was higher by 11.6%. The demand of ATF grew by 15.1% and LPG by 7.5%. Sales of naphtha and kerosene by 15% and declined slightly during the reporting period. Domestic marketing margins on MS and HSD remain under pressure due to the lack be of a level playing field for private sector marketing companies. The period observed high oil prices without a corresponding improvement in domestic Selling price. RIL is currently maintaining a price differential of Rs 5.0 per liter on retail selling PSUs' Price on HSD and Rs 4.50 per liter for MS in India.

RIL has 44 stores in the reporting period from a total number of retail at the 1429th To capture growth opportunities in the ATF business, RIL has presence at 13 airports in India and is now fueling the major airlines. Work at 4 other airports is in advanced stage of completion. All major domestic airlines and only a few major international airlines (Emirates and Qatar Airways) have started refueling from RIL gas stations.

The quarter witnessed volatility in the Global refining margins on the back of rising crude oil prices. Refining margins in the benchmark U.S. Gulf Coast (WTI) declined from 8.6 U.S. $ / bbl to U.S. $ 3.4 / bbl on a Quarter-on-quarter basis primarily due to weak gasoline cracks. But the benchmark Singapore complex margins increased from U.S. $ 6.4 / bbl to U.S. $ 7.7 / bbl in the first place in the Near-record jet / kerosene and gas oil cracks. Naphtha cracks were also higher, but propylene prices remained stable. Light – Heavy differential remained in the 5 U.S. $ / bbl range.

The superior configuration at the Jamnagar refinery, RIL allows flexibility in the production of middle distillate products from the market (diesel and jet / kerosene), where margins remained firm with a strong global demand.

For the period under review, revenues for the petrochemical segment increased 3% from Rs 37,799 crore increased 38,880 crore to Rs. High commodity prices continue to impact the petrochemical business. However, strong domestic demand, the extent of the impact of current high prices for Raw materials for an integrated producer like RIL reduced. During the quarter, higher naphtha cracking pressed polyester chain margins. Para-Xylene and PTA margins were compared with the corresponding Period last year. Further, para-xylene unit at Jamnagar was under planned shutdown for 19 days in December 2007 leading to lower production costs. All polyester products experienced a strong domestic demand
Growth.

Production volume of polyester (PFY, PSF and PET) increased by 5% to 1168 thousand tons. The production of the new Polyester plant was successfully placed on the market. RIL has its focus on specialty mechanical engineering products for 54% and 39% account management and production of PSF respectively. PFY. RIL has now has a domestic market share of over 51% of polyester. RIL's polyester intermediates (PX, PTA and MEG) production increased by 10% to 3480 thousand tonnes during the period of nine months. The increase in production is attributable to the new 730 thousand tonnes PTA plant at Hazira which was commissioned in 2Q FY 2006-07 in order is partially compensated by the planned closure of para-xylene unit at Jamnagar in the 3rd Quarter of FY 2007-08. Reliance domestic market share in polyester intermediates was 79%.

During of the period, RIL signed an agreement to acquire the assets of Hualon, Malaysia. Hualon is a leading polyester producer in Malaysia with a polyester (fiber, Yarn and resin) manufacturing capacity of half a million tonnes per annum along with downstream textile manufacturing capabilities at two locations in Malaysia, namely Nilai and spread to Malacca. Until the transfer of assets, Reliance, through its subsidiary, has in connection with the use of the assets in the course of Quarter started.

The production of polymers witnessed sustained growth with a total production volumes of PP, PE and PVC increased by 4% to 2514 thousand tons. The increase production by the full impact of the new PP plant at Jamnagar and also due to scheduled maintenance shutdown of the cracker and downstream plants at Hazira in the corresponding period last year. RIL continues to be India's largest producer of polymers with a domestic market share of 69%. The domestic market of polymers experiencing exciting growth in the demand growth of 16% over the corresponding period last year. Growth was seen in all polymers – PP demand grew by 17%, PE Demand rose by 21%, whereas the demand for PVC at 11%. The increased demand came mainly from the end-use segments, such as flexible packaging, infrastructure, Cable, consumer goods and agriculture.

During the period under review, continued production of linear alkyl benzene (LAB) is unchanged at 128 thousand tons. Reliance has a market share of 38% in the domestic market LAB. The butadiene plant produced 130 thousand tonnes, higher by 13% compared to same period last year compared.

During the quarter, Reliance Digital Retail Limited, Reliance Brands Private Limited, Reliance Wellness Ltd, Reliance Footprint Ltd, Reliance Integrated Agri Solutions Private Limited, Reliance Trends Ltd, Reliance Lifestyle Holdings Private Limited, Reliance Universal Ventures Private Limited, Reliance AutoZone Private Limited, Strategic Manpower Solutions Private Limited, Reliance Gems and Jewels Limited, Delight Proteins Private Limited, Reliance F & B Services Private Limited, Reliance Agri Products Distribution Private Limited, Reliance Leisure Private Limited, Reliance Retail Securities and Broking Company Private Limited, Reliance Home Store Private Limited, Reliance Trade Services Center Private Limited, Reliance Food Processing Solutions Private Limited, Reliance Supply Chain Solutions Private Limited, Reliance Digital are now Media Private Limited, Reliance Loyalty & Analytics Private Limited, Subsidiaries of the company.

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