1

Reliance Industries Limited

Financial Presentation Q1 FY 2001-02

July 31, 2001
2


Background
Operating Environment
Financial Performance
Business Review
Reliance Petroleum
Reliance Infocom
Summary
Contents
3
Background
4
Rs. crores $ bn Rank
Sales 60,000 12.8 1
Exports 9,000 1.9 1
Cash Flow 7,000 1.5 1
Net Profit 4,700 1.0 1
Assets 55,000 11.8 1
Market Cap 56,000 11.9 1
Reliance is the largest, fastest growing, and the most valuable
business group, in India - just 23 years young
Indias No. 1 Group
5
Reliance and the I ndian Economy
Reliance groups leadership position in the Indian
economy, is reflected in its all-round contribution:
- 3% of Indias GDP
- 5% of Indias total exports
- Nearly 10% of governments indirect tax
revenues
- 2.3% of the gross capital formation in the
country, in the last 5 years
Reliance
makes
significant
contributions
to the Indian
economy on
various
parameters
6
Leadership in the Corporate Sector
Reliance groups pre-eminent role in the Indian corporate sector:
- 30% of the total profits of the private sector
- 10% of the profits of the entire corporate sector
- over 12% of total market capitalisation
- weightage of 22% in the Sensex
- weightage of 19% in the Nifty
- 1 out of every 4 investors in India is a Reliance
shareholder
RIL and RPL are now the top 2 companies in India on all major
financial parameters
7
* Date of first IPO; all figures are for RIL & RPL
Consistent Track-Record of Profitable Growth
Compounded Annual Rate of Growth (%)
Since 1977* 10 Year 5 Year
Sales 33 40 50
Net Profit 41 42 26
Cash Profit 40 36 31
Assets 36 34 27
Market Cap 43 41 41
EPS 21 23 20
Record high levels of compounded double digit growth rates on
all major parameters, across all timeframes
8
Corporate Philosophy
World scale, and world class
State-of-the-art technologies
Global competitiveness
Leadership in chosen areas of business
Superior Project Execution
Financial Conservatism
Highest standards for Health, Safety and Environment
Consistent overall shareholder value enhancement
Reliance
benchmarks
itself with
global best
practices
in all aspects
of its
operations
9
Financial Objectives
Emphasis on capital productivity, and returns, to generate
attractive spreads over cost of capital
Targets of minimum 20% ROE, and 20% 5 year EPS CARG,
across business cycles
Conservative gearing - maintain top end credit ratings
New investments based on achievement of hurdle rates of 20%
ROCE, and low gestation period to further enhance ROE
Strong and conservative financial discipline in place
10
Operating Environment

Q1 FY 2001-02
11
Operating Environment
Operating margins for the global petrochemicals industry were
under considerable pressure in Q1
Significant capacity additions in the petrochemicals industry in
the Middle East and Asia, and the US slowdown
.caused a sharp decline in international and domestic selling
prices of major petrochemicals products
In addition, continuing volatility in crude oil prices led to volatility
in prices of the principal petrochemicals feedstock, naphtha
The global petrochemicals industry is witnessing amongst the
most challenging conditions in its history
12
Change in feedstock and product prices
% change in international prices Q1 FY02 over Q1 FY01
Selling Prices of Products
(US$/MT)
PE -12%
PP -10%
PVC -29%
POY -9%
PSF -14%
PTA -9%
MEG -21%
PX -1%

..but international selling prices
of products declined sharply
Raw Material Costs
Crude oil ($/bbl) -1%
Naphtha Prices ($/MT) 0%



Average naphtha prices in US$
terms remained flat Q-on-Q ...
13
% change in domestic prices Q1 FY02 over Q1 FY01
Selling Prices of Products
(Rs/kg)
PE -8%
PP 0%
PVC -10%
POY +3%
PSF -9%
PTA -6%
MEG -11%
PX +6%
. but domestic selling prices of
most products also declined
Raw Material Costs
Crude oil ($/bbl) -1%
Naphtha Prices (Rs.kg) -1%



Naphtha landed prices in rupee
terms marginally lower Q-on-Q
Change in feedstock and product prices
14
RILs Q1 Performance Highlights
Plants operated at average capacity utilisation rate of 103%
Production volumes increased 7% to record 2.8 million tonnes
Domestic market sales accounted for nearly 90% of total sales
Exports stood at US$ 159 million (Rs. 749 crores) exports were
Rs. 86 crores per annum just 5 years back
Market shares were 55% for polyester, 77% for polyester
intermediates, and 50% for polymers
RIL has maintained its track record of strong operational
performance despite challenging industry conditions
15
Financial Performance

Q1 FY 2001-02
16
Q1 FY 2001-02 Q1 FY 2000-01 % Change
Rs.crs. $ mn. Rs.crs. $ mn.

Sales 6,390 1,358 6,136 1,373 4%

Trading Sales - - 479 107

EBITDA 1,302 277 1,235 275 5%

Interest 257 55 298 67 -14%

Depreciation 396 84 366 82

Tax 30 6 28 6
Deferred Tax 1
Net Profit 618 131 543 122 14%

Cash Profit 1,045 222 937 210 12%

RI L I ncome Statement for Q1 FY 2001-02
Net Profit increased 14% in a difficult operating environment
17
Q1 FY 2001-02 Q1 FY 2000-01 % Change
Rs.crs. $ mn. Rs.crs. $ mn.


Gross Sales 15,255 3,243 12,598 2,820 21%
EBITDA 2,235 475 1,866 418 20%
Interest 500 106 470 105
Depreciation 595 126 501 112
Tax 66 14 52 12
Net Profit 1,074 228 843 189 27%
Cash Profit 1,735 368 1,396 313 24%

RI L+RPL I ncome Statement for Q1 FY 2001-02
RIL and RPL have combined cash flows of Rs. 1,670 crores
(US$ 355 mn) in Q1
18
Q1 FY 2001-02
Rs.crs. $ mn.
RILs EBITDA 1,302 277
Income from Associates 243 52
and Subsidiaries
Interest 258 55
Depreciation 396 84
Tax 30 6
Deferred Tax 1 -
Net Profit 860 183


Proforma Consolidated RI L I ncome
Statement for Q1 FY 2001-02
The true picture of RILs profitability is reflected by the
proforma consolidated income statement, which includes
financials of subsidiaries, RPL, RCL, RIIL and BSES
19
Elements of RILs Net Profit Growth
High capacity utilisation rates leading to volume growth
Higher proportion of sales in domestic market
Increased share of speciality products, contributing higher
margins
Productivity improvements and cost reduction
Interest cost savings, owing to lower debt and refinancing
Dividends of only Rs. 16 crores (US$ 3.4 mn) from RPL
accounted in Q1 on pro-rata basis total dividends on Reliances
64% stake for full year Rs. 153 crores (US$ 33 mn)

Profit growth arising from successful twin business strategies
of improving sales realisations and lowering costs
20

Composition of 4%
Sales Revenue Growth

Impact of volume growth 6%

Impact of price changes -2%
RI L - Elements of Sales Growth
Production volume up 7% to 2.8 million tonnes
Overall average capacity utilisation rate 103%
Polymers capacity utilisation rate 110%, polyester 95% and
polyester intermediates 105%
21
RI L Profitability Ratios
RIL has amongst the highest Returns on Equity (ROEs)
amongst the top petrochemicals companies globally
Q1 FY 2001-02 Q1 FY 2000-01

OPM % 18.4% 17.4%*
NPM % 9.7% 8.9%
ROE % 18.3% 16.4%
EPS - Rs. ($) 23.4(0.50) 20.4 (0.46)
Cash EPS - Rs($) 38.5(0.82) 34.3 (0.77)
* excluding FX gains
22
Proforma consolidation of financials, to include income from
subsidiaries, RPL, RCL , RIIL and BSES, reflects the true
picture of returns on RILs investments
Q1 FY 2001-02


NPM % 13.5%
ROE % 25.2%
EPS - Rs. ($) 32.6(0.69)
Proforma Consolidated Profitability Ratios
23
RI L Liquidity Ratios
RILs financial strength is reflected by its conservative liquidity
ratios and top end credit ratings
Q1 FY 2001-02 FY 2000-01
Debt : Equity 0.83 0.72
Gearing 44% 41%
Interest Cover 3.5x 3.3x
Total Debt/Cash Flow 2.0 1.8
24
Conservative Financial Management
AAA credit ratings from CRISIL and FITCH for domestic debt
International debt rated BB (Stable outlook) from S&P and Ba2
from Moodys constrained by sovereign ceiling
Weighted average maturity of foreign exchange denominated
debt of US $ 1,300 mn (Rs. 6,000 crores) is 21 years
Annual forex denominated interest liability covered more than 7
times by US$ denominated exports, and oil and gas revenues
Reliances strong financial position provides a high degree of
financial flexibility to capture future opportunities
25
Reliance is Indias Largest Exporter
Reliance is Indias largest exporter with group exports of US$ 2
bn (Rs. 9,370 crores) in FY 2001
Individually too, RIL and RPL are Indias top 2 exporters
RILs manufactured exports declined 10% to US$ 159 mn (Rs.
749 crores) in Q1
RIL exports products to over 100 countries, including to the
most quality conscious customers in the US and Europe
RIL recently became Indias first manufacturing entity to receive
the status of Golden Super Star Trading House
Reliances high exports demonstrate the international quality of
its products, and its ability to compete against global leaders
26
Consistent Growth in Exports Revenues
Exports still represent only 10% of total sales even after 8
times increase in absolute terms over the last 5 years
86 107 366 685
1,478
2,960
7,786
8,730
13,404
14,533
19,968
25,731
0
5000
10000
15000
20000
25000
30000
35000
95-96 96-97 97-98 98-99 99-00 00-01
Exports Total Sales
Rs.crores
27
Business Review
28
Product Mix
Composition of RILs sales
Petrochemicals businesses dominate RILs portfolio, with an
86% share of sales share of oil and gas business likely to
increase
Chemicals
10%
Plastics & Int.
32%
Fabrics
1%
Polyester
22%
Fibre Int.
32%
Oil & Gas
3%
29
Oil & Gas - Review
RIL is Indias largest private sector E&P operator in India
Number of properties increased from just 2 to 25 over the last 2
years
Four new exploration blocks awarded in Q1, in second round of
bidding under New Exploration Licensing Policy (NELP)
100 strong team currently manning operations
Fiscal incentives to enhance overall returns from this business
RILs E&P investments are expected to enhance overall
feedstock integration levels and generate attractive returns
30

Reliances Production Q1 FY02 Q1 FY01 %Change

Oil (in kT) 100 92 8%


Gas (in kTOE) 165 157 6%
Oil and Gas - Existing Production
Output from the 2 currently producing oil and gas fields of
Panna-Mukta and Tapti (PMT) has further increased in Q1
The 3% share in RILs revenues by Oil and Gas is from the 2
PMT fields alone the 23 new exploration blocks are still to
make any contribution
31
Reliances Oil & Gas Properties
SHALLOW WATER BLOCKS
BLOCK 1 : Kutch Offshore
BLOCK 2 : Saurashtra
BLOCK 3 : Saurashtra *
BLOCK 4 : Mumbai Offshore
BLOCK 5 : Mumbai Offshore
BLOCK 8 : Kerala-Konkan
BLOCK 18 : Krishna Godavari
BLOCK 19 : Krishna Godavari
BLOCK 20 : Krishna Godavari
BLOCK 25 : North East Coast
DEEP WATER BLOCKS
BLOCK D4 : Krishna Godavari
BLOCK D5 : Kerala Konkan *
BLOCK D6 : Krishna Godavari
BLOCK D7 : Kerala Konkan *
BLOCK D10 : Mahanadi
ONSHORE BLOCKS
BLOCK 17 : Assam *
NON-NELP BLOCKS
GK-1 : Kutch Offshore
SR-2 : Saurashtra
TULLOW BLOCKS
T1 : Krishna Godavari
T2 : Kutch Offshore
T3 : Kutch Offshore
T4 : Kutch Offshore
T5 : Cambay

* Recently awarded under NELP - II
Onland
Deep Water
NELP - I
Legend
Deep Water
Shallow Water
Earlier Awarded Exploration Blocks
Shallow Water
NELP - II
Tullow Blocks
Mukta
Tapti
Panna
25
D10
20
D6
D4
T1
18
19
8 D7
D5
5
4
3
SR2
2
GK1
T3
1
T2
T4
T5
17
Well balanced portfolio of 25 deep and shallow water, offshore and
onshore E & P blocks, aggregating over 1,75,000 square kilometers
32
Polyester - Background
Leading global rankings, and lowest cost positions:
- 2nd largest producer of PSF/POY
- 3rd largest producer of PX
- 4th largest producer of PTA
Strong demand potential in domestic markets - per capita
consumption amongst the lowest in the world
High tariff protection removed - import duties already at resting
point of 20%, as per the WTO bound rates
Anti dumping duties imposed on POY exports from leading
regional producers, to counter unfair competition
The Indian polyester market has witnessed compounded
double digit annual demand growth rates over 2 decades
33
Polyester - Review
Present capacity of POY, PSF and PET 900,000 tonnes per year
to be increased 33% to 1.2 million tonnes per year, in next 2 years
Capacity expansion planned through attractive acquisition deals,
and building cost competitive facilities at existing sites
RIL is the only player making investments to capture future growth
opportunities in polyester in India
RILs market share of POY, PSF and PET has grown to 55% -
reflecting acquisitions of 250,000 tonnes over the past few years
Demand fundamentals point to sustainable double digit growth
rates for polyester in India in the medium to long term
34
Polyester - Existing Production
Industry Reliance
(Production in Q1 Q1 % Q1 Q1 %
000 tonnes) FY02 FY01 change FY02 FY01 change

Polyester 370 349 6% 205 178 15%
(PFY, PSF, PET)

Intermediates 880 891 -1% 681 728 -6%
(PTA, MEG, PX)
Polyester demand growth of 6% quarter-on-quarter
35
Polymers - Background
Reliance amongst the top 10 players globally in polymers
India the worlds fastest growing polymers market
Likely to be the worlds third largest market within this decade
RILs major polymer, PP, accounting for 60% of production,
witnessed demand growth of over 19% this year
Import tariffs already down to 35% - gradual further reduction by
5% per year over the next 3 years
RIL enjoys a leading 50% share in the rapidly growing polymers
market in India
36
Polymers - Existing Production
Industry Reliance
(Production in Q1 Q1 % Q1 Q1 %
000 tonnes) FY02 FY01 change FY02 FY01 change

Plastics 837 707 18% 416 387 8%
(PE, PP, PVC)

Polymers demand growth of 16% quarter on quarter
Higher industry production growth rate reflects impact of
capacities of new players operating at higher rates compared to
the last year
37
POY 26% 750 - 12,000 2% - 27%
PSF 59% 2,800 - 10,200 5% - 19%
PE 21% 665 - 6,655 1.8% - 18%
PP 20% 330 - 3,330 1% - 10%

Emphasis on Higher Margin Speciality Grades
Speciality as % Premium over
of Total Volume Commodity
Q1 FY02 (Rs./MT) (%)
Speciality grades yield premium pricing and contribute to higher
margins, product differentiation, and relative insulation from
commodity cycles
38
Reliance Petroleum
39

Capacity of 540,000 b/d
comparable to US and
European supersites
Worlds largest greenfield
refinery and 7th largest in the
world
Complexity at top end of global
range
Capability to produce
higher value products from
lower cost, heavier grade
crude

RPL - World class refinery
US supersites refer to a sample of refineries with capacities of at least 225 kbpd and complexities of at least 9.5
European supersites refer to a sample of refineries with capacities of at least 245 kbpd and complexities of at least 6.5
Certain US and European supersites include petrochemical facilities
Sources: RPL, Wood Mackenzie
Comparisons
k
b
/
d

0
100
200
300
400
500
600
RPL US supersite
European
supersite
0
2
4
6
8
10
12
14
C
o
m
p
l
e
x
i
t
y

I
n
d
e
x

Shell Singapore
Reliance
Jamnagar

US supersite
European
supersite
Shell Singapore
16
RIL
Petrochem
plants
RPL
refinery
40
RPL - Peer comparisons
Source: Study by Solomon Associates, Inc. on RPL (March 1999)
1. Indian peers refer to seven Indian refineries that participated in the 1996 study by Solomon Associates, Inc.
2. Asian peers refer to four refineries that are among the better refineries in Asia according to Solomon Associates, Inc.
3. US pacesetter refineries represent a group of seven refineries located in the U.S. and Canada, which have achieved first or second
quartile rankings in all of the major indicators in the past three or four studies by Solomon Associates, Inc.
4. Europe pacesetter refineries refer to a group of six refineries located in Europe which have achieved similar rankings as the US pacesetter refineries
Total cash operating costs Energy intensity index
Crude sulfur Crude gravity
0
5
10
15
20
25
30
35
40
Indian peers Asian peers Europe
pacesetters
US
pacesetters
RPL
US cents / Utilized Equivalent Distillation Capacity
0
20
40
60
80
100
120
Indian peers Asian peers Europe
pacesetters
US
pacesetters
RPL
0.0
0.5
1.0
1.5
2.0
2.5
Indian peers Asian peers Europe
pacesetters
US
pacesetters
RPL
Weight %
26
28
30
32
34
36
38
Indian peers Asian peers Europe
pacesetters
US pacesetters RPL
Degree API
41
Complexity
Good product fit
RPL - Higher GRMs
Low crude delivery
cost
Favorable tariff
environment
Drivers of high refining margins
Fiscal
benefits
0
1
2
3
4
5
6
7
Apr-June'00 July-Sep'00 Oct-Dec'00 Jan-Mar'01 Apr-June'01
RPL
US Gulf Coast
Mediterranean
Rotterdam
Singapore
42
RPL Consistent I ncrease in Operating Rates
RPLs record capacity utilisation rate of 108% is far ahead of the
average 85% for other refineries in India and Asia Pacific region, 86%
for Europe, and 92% for North America

Integration with groups downstream operations and ability to tap
exports markets significantly contribute to high operating rates
86%
101%
101%
95%
108%
80%
85%
90%
95%
100%
105%
110%
Q1 FY'01 Q2 FY'01 Q3 FY'01 Q4 FY'01 Q1 FY'02
43
RPL - I ncome Statement for Q1 FY 2001-02
RPL is Indias largest company in terms of sales and is second
only to RIL in terms of net profits, net worth, and assets
Q1 FY 2001-02 Q1 FY 2000-01 % Change
Rs.crs. $ mn. Rs.crs. $ mn.


Gross Sales 8,865 1,884 5,983 1,339 48%
EBITDA 933 198 631 141 48%
Interest 243 52 172 39
Depreciation 199 42 135 30
Tax 35 7 24 5
Net Profit 456 97 300 67 52%
Cash Profit 690 147 459 103 50%
44
Elements of RPLs Net Profit Growth
High capacity utilisation rates of 108% leading to 26% volume
growth from 5.8 to 7.3 million tonnes
Increased processing of heavier and relatively less expensive
varieties of crude oil
Improved product mix to take advantage of niche opportunities
Import tariff rationalisation in October, 2000, as well as in March
and April, 2001, leading to higher effective import tariff differentials
Ongoing productivity gains and cost reductions
Strong volume growth and superiority of RPL refinerys
configuration have contributed significantly to net profit growth
45
RPL - Profitability Ratios
RPLs ROE ranks amongst the highest in refining companies
globally
Q1 FY 2001-02 Q1 FY 2000-01

OPM % 10.3% 10.3%
NPM % 5.1% 5.0%
ROE % 21.4% 20.8%
EPS - Rs. ($) 3.8 (0.08) 2.8 (0.06)
CEPS - Rs. ($) 5.5 (0.12) 4.1 (0.09)

46
RPL - Liquidity Ratios
AA+ rating from CRISIL and FITCH a unique achievement for a
company of this scale in just over a year of operations
Recently concluded Indias largest syndicated loan facility for US$
750 mn (Rs. 3,500 crores) enhancing financial flexibility
Q1 FY 2001-02 FY 2000-01

Debt : Equity 0.89 0.86
Gearing 47% 44%
Interest Cover 3.3 2.9
Total Debt / Cash Flow 2.2 2.3
47
RPL - Indias Largest Exporter
RPL is Indias largest exporter with exports of US$ 1,375 mn (Rs.
6,410 crores) in FY 2001
Q1 exports of RPLs products have increased 200% to US$ 306 mn
(Rs. 1,440 crores)
Exports to the US and other discerning markets reflect:
global competitiveness
international quality of products
operational flexibility
world class logistics capabilities
RPLs ability to deliver international quality products provides a
significant competitive edge in a decontrolled environment
48
I ntegration with Marketing
RPL proposes to enter the business of retail marketing of controlled
products in India, in line with government policies
RPL is currently evaluating a multi-pronged strategy, encompassing:
- potential joint ventures and alliances
- acquisitions of marketing and distribution assets, and/or
- development of its own distribution and marketing infrastructure
RPLs Memorandum Of Understanding with Indian Oil Corporation
for formation of a JV for marketing, and the companys participation in
the process for disinvestment of IBP, reflect this strategy
RPLs entry into marketing will enhance integration and provide
opportunities for generating attractive returns
Reliance Telecom
50
Reliance Telecom - Review
165% growth in cellular subscriber base over last one year
double the industry growth rate of 87%
Current subscriber base of over 236,000 with services in 113 cities
across 15 states
Leading market shares in all 7 circles
Pre paid account for 90% of cellular revenues low risk strategy
Strength of Reliance Mobile brand and expertise in building retail
consumer franchise demonstrated
Reliances existing mobile operations span 1/3
rd
of Indias
geographical area and cover nearly 400 million people
Reliance Infocom
52
Reliance Infocom to be the holding company for all infocom and
related businesses of Reliance group
Reliance Infocom to invest up to Rs. 25,000 crores (US$ 5 bn)
over the next 5 years
Project proposed to be financed with 2:1 debt:equity
RIL is the lead investor with 45% equity stake
Reliance I nfocom - Review
Reliance is leveraging its superior project execution
capabilities and successful experience in telecom business
53
First company to receive licences for providing fixed line services
in 16 circles national footprint excluding Tamilnadu and J&K
Fixed line licences also enable tapping of mobile segment through
low cost WiLL services in addition to existing GSM business
First company to receive National Long Distance (NLD) licence
Work on 60,000 route kms, world class IP backbone on schedule
project on target for completion by end 2002
Participating in process for disinvestment of VSNL, Indias
monopoly international long distance carrier
Reliance I nfocom - Update
Reliance Infocoms comprehensive business model targets
opportunities in high growth voice and data markets
54
Plans announced for Indian telecom markets by several domestic
and international players scrapped
Consolidation of telecom industry in India gathers pace
Significant reduction in equipment and fibre costs owing to global
telecom slowdown and cancellation of large number of projects
Phased approach by Reliance towards infocom investments,
based on:
strong cash flows
attractive IRRs
low payback period
Reliance I nfocom - Update
Reliance Infocom is building amongst the lowest cost
integrated communications networks in the country
Summary
56
Indias Top 5 Wealth Creators in 2000-01
(Rs.crs) (US$ mn) (Rs.crs) (US$ mn)
RIL 41,191 8,835 8,051 1,727
ITC 19,988 4,287 1,948 418
HDFC 6,490 1,392 1,947 418
BPCL 5,717 1,226 1,765 379
Nestle 4,879 1,047 1,270 272
Total 78,265 16,788 14,981 3,213
Mkt. Cap on
31-Mar-01
Addition in
2000-01
RIL is the No. 1 wealth creator in the year 2000-01 - wealth
creation exceeds the next company by a factor of 4 times
57
RILs Superior Share Price Performance
RIL shares have consistently outperformed the broad market
over all time frames
% change
Period RIL Sensex Nifty

Year to date -8% -17% -16%
1 year -8% -23% -20%
2 year 76% -28% -19%
3 year 129% 2% 14%
5 year 204% -5% 5%
Since 1994* 53% -24% -
10 year 257% 100% -
* Last equity placement from RIL
58
Returns from RI L to Financial I nstitutions
Amount (Rs. crores)
Private placement in October 1994 945
Current value of RIL shares (4.9 crore shares @Rs. 313) 1536
Income from dividends including reinvestments 150
Total profit earned by FIs till date 741

Profit from an equivalent investment in Sensex -148
(including dividends and reinvestments)
Total returns over market returns 889

UTI, LIC, and GIC have earned total returns of Rs. 889 crores over
market returns, on their original investment of Rs. 945 crores
RIL stock price has appreciated 53% from its placement price,
outperforming the Sensex by 77% over this period
Reliance Industries Ltd.
59
Price Performance of Leading I ndex Movers
% change
Period RIL HLL ITC


Year to date -8% 6% -14%
1 year -8% -8% 3%
2 year 76% -20% -22%
3 year 129% 27% 22%
5 year 204% 160% 170%
The RIL stock is the best performing index heavyweight over
virtually all time frames
60
RPLs Superior Share Price Performance
% change
Period RPL Sensex Nifty

1 year -9% -23% -20%
2 year 49% -28% -19%
3 year 152% 2% 14%
5 year 260% -5% 5%
RPL shares have outperformed the broad market over all time
frames, creating superior value for both RPL and RIL
shareholders
61
Summary
Production volumes in existing petrochemicals business likely to
cross 11 million tonnes in the current year
Global petrochemicals operating margins likely to remain under
pressure during the current year
RILs investment in RPL now generating attractive returns
RILs future investments in Oil and Gas and infocom to generate
significant returns in the medium to long term
RILs proforma consolidated EPS of Rs. 32.6 (US$ 0.69) reflects
the true picture of returns on its overall investments
RIL will endeavour to maintain its demonstrated and
consistent track record of shareholder value enhancement
62
Reliance Industries Limited

Indias World Class Corporation