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By Our Staff Correspondent
Other income was Rs. 675 crores (Rs. 577 crores). The company provided Rs. 1,221 crores (Rs. 1,465 crores) for interest, Rs. 1,960 crores (Rs. 2,077 crores) for depreciation, Rs. 199 crores (Rs. 151 crores) for current tax and Rs. 639 crores (Rs. 716 crores) for deferred tax. The company revalued its plant and machinery at Patalganga and Naroda during 1997-98. Consequent to the revaluation, there is an additional charge for depreciation of Rs. 87 crores for the nine months period. During the period, Vimal Fabrics has ceased to be a subsidiary of the company and Reliance Communications has become a subsidiary. The company along with its 100 per cent subsidiaries, Reliance Power Ventures and Reliance Industrial Investments and Holdings has made a cash offer to the shareholders of BSES to purchase up to 3.23 crore equity shares representing 20 per cent of the fully diluted voting capital of BSES at a price of Rs. 230.10 per share. The offer opened on January 17 and will close on February 15. "The company maintained an operating margin of 13.4 per cent for the nine months, despite highly volatile raw material prices during the third quarter,'' Reliance stated. For the quarter ended December 2002, RIL's net profit was Rs. 1,083 crores (Rs. 873 crores) and net turnover Rs. 10,973 crores (Rs. 10,266 crores). Other income was at Rs. 270 crores (Rs. 184 crores). The company provided Rs. 401 crores (Rs. 464 crores) for interest, Rs. 657 crores (Rs. 712 crores) for depreciation, Rs. 58 crores (Rs. 41 crores) for current tax and Rs. 213 crores (Rs. 239 crores) for deferred tax. Commenting on the results, Mukesh Ambani, Chairman and Managing Director, RIL, said, "Reliance has ushered in a new era of growth, for the country and itself with the announcement of India's largest gas discovery in three decades during the quarter. These developments, inspired by the vision of our founder chairman, Dhirubhai Ambani, have substantially improved Reliance's overall risk profile, and will lead to a significant enhancement of overall long term shareholder value.'' "Our future growth will be driven by our investments in oil and gas exploration and production, retail marketing of petroleum products, power and infocom, delivering superior value to millions of customers across the country,'' said Anil D. Ambani, Vice-Chairman and Managing Director, Reliance Industries. RIL's oil and gas strategy is aimed at further enhancing the level of vertical integration in its energy business and capturing value across the entire energy chain. RIL is now the country's largest private sector exploration and production (E&P) player, with over 2.90 lakh sq. km. of awarded exploration acreage, in 35 offshore and onshore, deep and shallow water blocks including one in Yemen. The oil and gas division now contributes less than one per cent of RIL's revenues.
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