Reliance continues strong growth

1 Aug 2006

Reliance Communication Ventures Ltd (RCoVL), the Anil Dhirubhai Ambani group company, has reported a 32% quarterly rise in net profit for second quarter of 2006, up to INR5.13 billion (USD114 million) from INR4.03 billion in the first quarter. The results are the second quarterly financials posted by RCoVL since it was listed on 6 March. The consolidated financial results relate to RCoVL and its operating companies, including Reliance Infocomm (RIC), Reliance Communications Infrastructure (RCIL), Reliance Telecom (RTL) and FLAG Telecom. Revenues in the three months ended 30 June reached INR32.5 billion, up from INR29.7 billion in 1Q06; EBITDA was up 15.1% to INR12.06 billion. The bulk of the company’s turnover came from its wireless business, which contributed INR24.32 billion in the period as it ended June with 22.52 million mobile subscribers, up from 17.31 million three months earlier. Broadband services contributed turnover of INR2.27 billion. RIC launched high speed internet access in the first half of 2005 and by the end of the period it operated 322,000 broadband access lines in 30 towns across 18 circles; the bulk of its broadband users are enterprise customers.

India, Reliance Communications (RCOM),

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