Reliance Industries Ltd (RIL) has reported an increase of 21 per cent in net profit to 44.73 billion rupees compared to the same quarter in the previous year marking the third consecutive of a fall in net profits for the company.

The fall comes after the company saw a decline in revenues from refining and petrochemicals business. However, the fall in margins from the refining business has been less than expected and the treasury gains from its cash reserves also helped boost profits for the company.

The total net sales of the company during the first quarter rose 13.4 percent to 918.75 billion rupees. A poll of analysts by Reuters had predicted net profit of 43.6 billion rupees and net sales expected at 887.7 billion rupees during the first quarter of the financial year.

The group led by Mukesh Ambani, Asia's second-richest man, is planning to invest a whooping Rs. 1 lakh crore in various business segments including petrochemicals and oil & gas besides retail and telecom.

The additional investment is aimed at doubling its operating profits in 4-5 years. RIL Chairman and Managing Director Mukesh Ambani announced that the new projects in petrochemicals and refinery business will be brought online in the coming 2 to 3 years.

The group expects the investments in refinery downstream to add 30-40 per cent to margins while the retail sector investments are also like to be profitable in the next 3 years, according to Mr. Ambani. The group is set to roll out its
4G network in the country while it expects the shale gas production to jump ten times in five years from current 30 billion cubic feet.