Mumbai : Reliance Natural Resources Ltd., billionaire Anil Ambani's company that lost a lawsuit over purchasing natural gas at a discount, posted a 4.9 per cent increase in fourth-quarter profit.
Net income rose to Rs733.2 million (Dh59.5 million) in the year ended March 31, compared with Rs698.7 million a year earlier, Reliance Natural said in a statement to the Bombay Stock Exchange Friday. Sales rose 9.4 per cent to Rs2.98 billion.
The Mumbai-based company's expenditure during the quarter rose 15 per cent to Rs2.87 billion.
Reliance Natural shares fell 4.3 per cent to Rs47.45 in Mumbai yesterday, the lowest level since April 1, 2009. The stock has dropped 32 per cent this year compared with a 3 per cent decrease in the benchmark Sensitive Index of the Bombay Stock Exchange.
Ruling in favour
India's Supreme Court ruled May 7 in favour of billionaire Mukesh Ambani's Reliance Industries Ltd. in a dispute between the world's richest brothers over gas from a field with $38 billion of reserves.
The top court said Reliance Industries can sell gas to Reliance Natural at government-set prices, which are higher than those in a 2005 family accord. It asked the parties to start renegotiating their contract within six weeks.
Reliance Natural procures fuel for the Anil Ambani group, which is building 33,780 megawatts of power generating capacity, according to the group's website.
