Announcing the results in Mumbai on Thursday, RIL managing director AnilAmbani said the recovery in Asian economies and "all round pick up indemand" will provide momentum to future growth of the company. Its operatingmargin has gone up to about 20 per cent.

RIL's net profit for the nine months ended December 31, 1999, rose by 32 percent to Rs 1,749 crore as compared with Rs 1,323 crore. In fact, it ishigher than RIL's last year's net profit of Rs 1,704 crore. RIL scrip closedat Rs 310.95 at the BSE after touching a high of 324.50.

Sales for the nine months was at Rs 13,707 crore, an increase of 25 percent. As per the US GAAP accounting, the company's net profit increased by12 per cent to Rs 1,534 crore for the nine-months ended December 31, 1999.Operating profit for the third quarter stood at Rs 1,161 crore against Rs803 crore, cash profit was at Rs 885 crore as compared with Rs 609 crore.Total income during the third quarter stood at Rs 5,181 crore against Rs3,751 crore in the same period last year.

While production volumes in the polyester business increased by 9 per centduring the nine-month period, production volumes in the fibre intermediatebusiness were up by 14 per cent. Export revenues including deemed exports,increased by 48 per cent to Rs 759 crore.

While total expenditure during the third quarter was at Rs 4,020 croreagainst Rs 2,948 crore, interest was higher at Rs 276 crore. Depreciationfor the quarter rose to Rs 258 crore from Rs 207 crore. Interest was alsohigher at Rs 276 crore against Rs 194 crore. "Interest and depreciation havegone up because all the plants have started functioning," Ambani said.

According to the RIL managing director, the export revenue in the first ninemonths was up by 48 per cent at Rs 759 crore. "By 2001, RIL's annual exportswill rise by 200 per cent to about Rs 2,000 crore ($400-500 million) and thecompany will become a net foreign exchange earner," Ambani said.

Reiterating the company's strategy of growth through acquisitions, the RILmanaging director said it is very much in the race for becoming a strategicpartner for Indian Petrochemical Corporation Ltd (IPCL). "Acquisitions,mergers and consolidation will be part of corporate life. We will look atall three options," he said.

Ambani said there was no proposal for further expansion in ReliancePetroleum which is set to reach its full capacity utilisation in 2000/2001(April-March). "Let it stabilise first then we will decide depending uponthe opportunities," he added.