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Reliance Comm.: Scale benefits - Views on News from Equitymaster

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Reliance Comm.: Scale benefits
Feb 1, 2007

Reliance Communications (RCL) has announced strong results for the third quarter and nine-month period ended December 2006. For 3QFY07, the topline has grown by 26% YoY, largely on the back of strong performance from the company’s wireless and broadband businesses. Further, on the back of decline in access and license fee charges (as percentage of sales), the company’s operating margins have witnessed a robust expansion. Added to this, a negative interest component and lower effective tax rate has led to the bottomline growing at a strong 198% YoY during 3QFY07. The performance for 9mFY07 has been even stellar with sales growing by 35% YoY and net profits increasing by 51 times.

Consolidated financial performance
  3QFY06 3QFY07 Change 9mFY06 9mFY07 Change
Net sales 29,910 37,553 25.6% 77,960 105,314 35.1%
Expenditure 21218.2 22,281 5.0% 63,225 64,460 2.0%
Operating Profit (EBIDTA) 8,692 15,272 75.7% 14,736 40,854 177.2%
EBIDTA margin 29.1% 40.7%   18.9% 38.8%  
Interest 1,492 (657)   2,596 395 -84.8%
Depreciation 3,980 6,524 63.9% 11,530 18,275 58.5%
Profit before tax 3,220 9,404 192.1% 610 22,184 3536.6%
Extraordinary income/(expense)   30     330  
Tax 120 130 8.4% 200 466 133.1%
Profit after tax/(Loss) 3,100 9,244 198.2% 410 21,388 5116.5%
Net profit margin (%) 10.4% 24.6%   0.5% 20.3%  
No. of shares         2,044  
Diluted earnings per share (Rs)*         12.4  
P/E ratio (x)*         37.1  
* On a trailing 12 months basis            

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Sep 26, 2018 03:37 PM

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