Reliance posts fourth quarter results, seeks to lower debt

28 May 2012

Reliance Communications (RCOM) has posted net income of INR3.3 billion (USD58.7 million) for the fourth quarter ending 31 March 2012, up 98% year-on-year. Revenue for the period came in at INR153 billion, up 96% year-on-year. The results were boosted by the company’s first increase in call rates for more than two years. The company confirmed that it was committed to reducing its debt, and that to help do so it is evaluating an initial public offering (IPO) of its submarine cable unit as well as seeking to sell its tower unit Reliance Infratel.

India, Reliance Communications (RCOM)