Sales during the quarter was up by 30 per cent at Rs 6,555 crore against Rs 5,034 crore during the same period last year. This has largely come on the back of a 32 per cent growth in volumes and a nine per cent increase in prices.

For the nine-month period ended December 2000, RIL is the first Indian company to have crossed the net profit figure of Rs 2,000 crore. During this period, the company's net profit was Rs 2,106 crore against Rs 1,749 crore during the same period last year. While sales stood at Rs 21,564 crore from Rs 13,707 crore for the nine months ended December 1999.

Sales (excluding merchant sales) were Rs 19,287 crore, an increase of 41 per cent. Addressing media and analysts here, RIL MD Anil Ambani said "We are encouraged that Reliance has maintained its track record of consistent financial performance, despite all-round pressures on profitability."

Operating margins were stable at 20% as a result of increased volumes, higher prices, which partially offset increased feedstock costs. In addition, the higher degree of integration and value-addition as a result of commissioning of the paraxylene facilties at Jamnagar also helped the margin to be stable.

Operating profit for nine months increased by 28 per cent to Rs 4,049 crore as against Rs 3,153 crore for the corresponding period and cash profit increased by 27 per cent to Rs 3,124 crore as against Rs 2,454 crore during the same period last year. Mr Ambani said with combined exports of RIL and Reliance Petroleum crossing Rs 7,000 crore, the group ranks as the largest exporter from India, which is expected to cross the $1 billion mark this year.