The total income (including other income of Rs 608 crore) has crossed the Rs 15,000 crore mark to Rs 15,161 crore from Rs 13,740 crore previously. While the gross profit amounted to Rs 3,318 crore (Rs 2,887 crore), depreciation claimed Rs 855 crore (Rs 667 crore) and taxation Rs 30 crore (Rs 63 crore).

Giving a detailed presentation to the media here today soon after its board meeting, RIL managing director Anil Ambani said here today that the board has recommended a dividend of 37.5 per cent for the year constituting a dividend outgo of Rs 389 crore. Ambani said that the net profit would have been higher by Rs 141 crore as it has notreceived the insurance claims for the mishap in its Hazira petrochemicals plant. ``We have been conservative in our accounting... if we include the insurance claim funds, our net profit would have jumped by nine per cent to Rs 1,845 crore," said Ambani.

The earnings per share of the company was Rs 18 while the cash earnings per share for the fiscal ended March 1999 is Rs 27 on equity share capital of Rs 934 crore. Compounded net profit growth over the past five years has been maintained at 24 per cent while the EPS was 15 per cent for the same period.

Ambani said while domestic prices trailed international trends exports bounded by 87 per cent putting the company among the top three manufacturing exporters in the country. However, exports still constitute a meager five per cent of the total sales.

The company's operations have helped the nation save precious foreign exchange to the tune of Rs 9,487 crore, an increase of 3 per cent over previous year's figure of Rs 9,175 crore. Though times have beentough for the industry, the general mood in the industry is one of hope, Ambani felt. "Though I said the same last year also this time round the feeling is that the worst is over," he said, cautioning that there were no guarantees in this market.

``There are volumes in the Indian market but not necessarily margins,'' he said pointing out prices had to be extremely competitive if market shares have to be maintained. Total assets of the company also recorded a significant increase of 16 per cent going upto Rs 28,000 crore while the liquidity ratios too kept pace with those of global chemical companies.

On the outlook for the current fiscal, Ambani said that the commissioning of its Rs 5,500 crore petrochemicals plant has already begun while test runs on some units of the world's largest petroleum refinery project, with a capacity of 27 million tonnes per annum and an investment of Rs 14,250 crore, has also started. ``We are expecting to fully commission the refinery six to nine months ahead of schedule inthe second quarter of the current fiscal,'' Ambani said.

The commissioning of the refinery will provide the benefits of an enhanced degree of vertical integration for Reliance's petrochemicals business.

Ambani plans more takeovers

Acquisitions will fuel the growth of Reliance Industries to retain its leadership position in the Indian chemicals and petrochemicals industries. ``We have acquired three companies recently... there are now 37 left,'' Ambani said about the 40-odd players in the Indian polyester and petrochem industry.

Reliance has acquired control over two polyester manufacturing facilities, the Orissa Synthetics of the JK Corp and India Polyfibres Ltd during the fiscal 1999. Ambani intends further acquisitions in future in its bid to `restructure' the polyster industry. It had earlier acquired ICI Chemicals from ICI of UK and, thanks to its acquisition drive, during the year its production capacity went up by 65,000 tonnes per annum.

On disinvestment of public sector IPCL,Ambani said as and when the government invites bid for the company, it will participate ``only if it creates value for the company and its shareholders.''

A company statement said that in keeping with the global trend towards consolidation in the petrochemicals industry, RIL is pursuing acquisition opportunities in its businesses, to strengthen its market leadership position, improve its competitive structure of the industry and create value to its shareholders.