By IANS,
Mumbai : Reliance Industries, India’s largest private company, Monday announced a profit after tax of Rs.194.58 billion ($4.86 billion) for the year ended March 31, 2008, up 62.9 percent over Rs.119.430 billion ($2.98 billion) for the previous year.
For the fourth quarter ended March 31, its net income beat market expectations and rose 24 percent to Rs.39.1 billion, the energy and petrochemicals major informed the Bombay Stock Exchange (BSE).
The company’s board, which met here to consider the audited results, recommended a dividend of Rs.13.00 for each fully paid-up equity share of Rs.10 each.
“This was a landmark year for Reliance as we delivered record financial and operating performance in challenging and volatile market conditions,” Reliance chairman Mukesh Ambani said in a statement.
“Our key investments in oil and gas development and refining are expected to commission this year. I expect them to be key driver to deliver earnings growth in the near future.”