Reliance Communications (RCom) is trading lower by 4% at Rs 84.75 after reporting a 43% year-on-year (yoy) decline in its consolidated net profit at Rs 105 crore for the third quarter ended December 31, 2012 (Q3), due to higher financial charges.
Analysts on an average had expected profit of Rs 171 crore from Anil Ambani owned-telecom firm.
“The company’s total income grew at 5% to Rs 5,301 crore, from Rs 5,055 crore in the same quarter last year. Its earnings before interest depreciation tax and amortisation (EBIDTA) grew by 2.4% at Rs 1,653 crore,” RCom said in a statement.
The net financial charges of the company surged 59% to Rs 605 crore from Rs 381 crore during the recently concluded quarter, it added.
The stock opened at Rs 85.15 and hit a low of Rs 83.60 on the NSE. A combined 9.97 million shares have changed hands on the counter till early noon deals on both the exchanges.
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