This would lead the petrochemicals giant to post a net profit of close to Rs 3,000 crore this financial year - which represents a growth of around 20 per cent over the previous fiscal. RIL's net profit in 1999-2000, was Rs 2,403 crore.

The net profit projection for the fourth quarter, analysts said, does not take into consideration the income from forex gains as the rupee is expected to rule strong against the dollar in the last quarter.

According to analysts, Reliance Industries' margins were under pressure in the third quarter ended December 31, 2000, as selling prices were up only 2 per cent to 3 per cent and naphtha prices were up 17 per cent, thus impacting the margins.

However, analysts estimate that the margins for the fourth quarter will be encouraging as naphtha prices are down by $60 to $70 - which represents a fall of 20 per cent to 25 per cent - and product prices are expected to fall by a mere 2 per cent. This, reiterate analysts, will have a positive impact on the company's bottomline for the fourth quarter by nearly Rs 200 crore.

Analysts pointed out that the income in the last quarter would have been further augmented had it not been for the taxes, to the tune of Rs 100 crore to Rs 150 crore, which RIL is expected to pay this fiscal.

Operating profit for the fourth quarter is projected at Rs 1,100 crore.The consolidation of the results of Reliance Petroleum with RIL, said analysts, will have a positive impact wherein earnings will go up by 30 per cent.

The full impact of paraxylene and the augmenting of PTA this year is expected to add to the company's bottomline, said analysts. They added that quarter-on-quarter basis the results would remain more or less flat.