July 21 (PTI): Reliance Energy Ltd today reported a 24.7 per cent rise in net profit for the quarter ended June 30, 2004 at Rs 110 crore against Rs 88.2 crore posted in the corresponding previous quarter.

The board has recommended a quarterly dividend of 11 per cent (Rs 1.10 per share).

Total income during the reporting quarter rose to Rs 1,019.7 crore compared with Rs 804 crore in the same period last year, the company informed the Bombay Stock Exchange.

The company’s expenses escalated in the first quarter aggregating Rs 57 crore, including Rs 12 crore towards increased liability for standby charges and Rs 20 crore for provision for irrecoverable dues from consumers.

Britannia net soars

Britannia Industries Ltd has posted a 109.79 per cent rise in net profit at Rs 60 crore for the first quarter ended June 30 compared with Rs 28.6 crore reported in the same period of 2003-04.

Total income (net of excise) increased to Rs 435.8 crore from Rs 345.5 crore last year, the company informed the BSE today.

Britannia is in the process of setting up a greenfield project in Uttaranchal at an estimated cost of Rs 55.2 crore.

IDBI Bank Q1 net up

IDBI Bank today reported a 64.5 per cent rise in net profit at Rs 36.69 crore for the first quarter ended June 30 compared with Rs 22.3 crore in year-ago period.

Total income increased to Rs 260.49 crore against Rs 204.59 crore a year earlier, the bank said. Net interest income stood at Rs 98 crore (Rs 66.6 crore).

Indo Rama shines

Indo Rama Synthetics today reported an 87 per cent growth in net profit at Rs 6.71 crore in the first quarter of 2004-05 against Rs 3.59 crore in the year-ago period. Sales rose 17 per cent at Rs 558.20 crore against Rs 475.31 crore a year earlier.

Marico offers dividend

Marico Industries has reported a 19.9 per cent rise in consolidated net profit at Rs 16.99 crore for the first quarter ended June 30 compared with Rs 14.17 crore posted in the year-ago period.

The company has announced an interim dividend of 10 per cent for 2004-05, Marico said in a release today.