RIL Q1 Net Up 28% At Rs 3,264 Cr

Reliance Industries reported a 28 per cent increase in net profit to Rs 3,264 crore for the first quarter ended June 30, 2007. It was Rs 2,547 crore for the corresponding period a year ago. While operating profit for the quarter increased by 22 per cent to Rs 4,237 crore net operating margins has seen a rise of 18.5 per cent. Earning per share stood at Rs 23. While our existing businesses continue to deliver a robust operating performance, our new initiatives provide us a platform to deliver superior shareholder returns in the future, Reliance Industries CMD Mukesh D. Ambani said. Other income was higher at Rs 105 crore against Rs 44 crore primarily on account of increase in interest income on surplus funds. Interest costs were also higher by 8 per cent at Rs 288 crore on account of increased borrowings.