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Reliance Comm Q2 net up 17%, beats forecast

Reliance Comm Q2 net up 17%, beats forecast
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First Published: Fri, Oct 31 2008. 03 08 PM IST
Updated: Fri, Oct 31 2008. 03 08 PM IST
New Delhi: Reliance Communications reported a 17% rise in quarterly profit, beating expectations, on higher subscribers in the world’s fastest-growing wireless market.
The Mumbai-based company said net profit rose to Rs15.31 billion ($310 million) for its fiscal second quarter ended September, from Rs13.05 billion reported in the year-ago quarter.
Revenue rose to Rs55.35 billion from Rs45.53 billion.
Analysts polled by Reuters had expected net profit of Rs14.04 billion on revenue of Rs55.94 billion.
Reliance added 5.1 million mobile users during the quarter to take its total to more than 56 million users at the end of September, up 55% a year earlier.
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First Published: Fri, Oct 31 2008. 03 08 PM IST