Anil Ambani-controlled Reliance Communications has reported 8.7 per cent fall in net profit for the fourth quarter ended March 31, 2013.
The Mumbai-based company recorded a net profit of Rs 303 crore against Rs 332 crore reported in the same quarter a year ago.
Revenues on a year-on-year basis went up by 2.4 per cent to Rs 5,130 crore (Rs 5010 crore)
Sequentially, the company managed to increase net profits by almost three times from Rs 105 crore, due to increased usage by subscribers on its network.
Revenue per minute
Revenue per minute (RPM) stood at 44 paisa. “We have successfully achieved RPM stability for the last 12 consecutive quarters amidst intense competition and over supply of minutes in market place,” the company said in a statement.
For the full year ended March 31, 2013, the company’s net profit declined by 27.58 per cent to Rs 672 crore from Rs 928 crore in the year before.
Total income rose by 4.5 per cent to Rs 20,561 crore from Rs 19,677 crore.
The last few months have been remarkable for the company, as the two Ambani siblings seem to have buried the feud at least on the business front.
Hikes tariff
Reliance Jio Infocomm and RCom entered into a Rs 1,200 crore agreement for sharing the latter’s nationwide inter-city fiber optic network infrastructure. RCom recently announced that it has hiked tariffs by 20 per cent across India and cut promotional offers by up to 65 per cent.
The company also said on Friday that it has fully repaid a loan amounting to over Rs 2,700 crore that was taken from a group of international banks six years ago.
“Reliance Communications today made full payment of a syndicated ECB loan facility of $500 million, over Rs 2,700 crore, on the due date,” RCom said in a statement.
As a result, the net debt on its books has reduced to Rs 32,168 crore from Rs 37,360 crore as on December 31 last year.
However, the company did not give further details. The RCom board has recommended a dividend of Re 0.25 per equity share of Rs 5 each.
RCom scrip was up by 0.55 per cent to close at Rs 110.3 on the Bombay Stock Exchange today.