The figure is likely to increase to Rs 1,845 crore with insurance claims worth Rs 141 crore due to materialise later this year, managing director Anil Ambani said while declaring the financials for the year. "We have been conservative in our accounting," he said at a press meet held after a board meeting on Thursday afternoon.

An accident at the Hazira petrochemicals complex during the second half of the year had destabilised naphtha supplies to the unit resulting in additional operting costs, Ambani said. 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.

Reliance has continued to grow by leaps and bounds on other indicators also setting several corporate records during the year with the board recommending a dividend of Rs 3.75 pershare accounting for a Rs 389-crore payout, one of the largest in the private sector, Ambani said.

While domestic prices trailed international trends, operating margins remained stable at 18.6 per cent sustained by strong volume growth, lower feedstock prices, cost reductions and productivity gains and, of course, the depreciation of the rupee during the year.

Other income increased 81 per cent to Rs 608 crore, which included a significant interest income ($143 million) from cash balances and investments. On the other hand, though constituting just 5 per cent of the company's sales, exports bounded by 87 per cent at Rs 685 crore putting the company among the country's top three manufacturing exporters.

Though times have been tough for the industry, the general mood 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 while cautioning that there were no guarantees in this market.

There are volumes in the domestic market butnot 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 up to Rs 28,000 crore while the liquidity ratios too kept pace with those of global chemical companies.

Reliance's share in the domestic polyester market has increased from 41 per cent to 45 per cent during the year while over all demand for it grew 16 per cent. The company has also maintained its market share in plastics business at 56 per cent.

The high point of the year was the commissioning of the Rs 5,500-crore petrochemicals complex at Jamnagar which on full commissioning would enhance the overall capacity by 50 per cent to over nine million tonnes.

Meanwhile, the Reliance share dropped from a high of Rs 132.40 on the Bombay Stock Exchange to close at Rs 125.50, down from Wednesday's close of Rs 130.30. ``The results were on expected lines,'' said a broker.