Reliance communications Q3 Net Profit goes up 85%
Reliance Communications has announced that Q3 net profit has gone up 85% in the fiscal third quarter, boosted by the lower cost of financing debt and as more of its subscribers used pricier data services. The company would need to fight to win back airwaves it is currently using in the 900MHz band in seven circles. Since it doesn’t have backup spectrum in other bands to support 2G voice services in these circles, the competition may get intense. The company’s earnings before interest, tax, depreciation and amortization remained nearly flat at 1,851 crore. Its quarterly operating profit margin remained constant at 33.8% sequentially because global operations declined, although profitability improved at its India operations. Recently, RCOM has also tied up with Facebook to offer some services on the Internet free through Internet.org. At the launch, chief executive Gurdeep Singh had said even if the service helped reduce the churn in customers, the free service would be worth