Reliance Communications (RCOM) Q3 profit reached Rs. 27 crore, quarter on quarter increase of 28.6 per cent.
In terms of revenue, the company registered Rs. 1,176 crore, QoQ increase of 2.1 per cent whereas EBITDA reached Rs. 252 crore, QoQ increase of 28.6 per cent.
Indian operations’ revenues and EBITDA stood at Rs. 596 crore and Rs. 95 crore respectively; while global business contributed revenues and EBITDA of Rs. 709 crore and Rs. 157 crore respectively.
The focus is on B2B business which comprises of Indian enterprise, internet data centres (IDC), global submarine cable network and international long distance voice with 40,000 global and Indian customers.
RCOM’s planned exit from consumer business results in sharp drop in net quarterly loss by over 95%. Consumer business comprised wireless, direct to home and PCO. RCOM’s net loss reduced to Rs. 130 crore as against trailing quarterly loss of Rs. 2,712 crore.
Anil D Ambani, Chairman, Reliance Communications said, “RCOM’s planned exit from the consumer business has achieved more than the desired results. RCOM has reduced its net loss by over 95%. RCOM expects to deliver even better financial performance in the coming quarters.”
RCOM’s asset monetization is on track to close by March 2018, subject to lenders’ consents and other regulatory approvals.