RCom Q1 net dips 33% on rupee fall | business | Hindustan Times
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RCom Q1 net dips 33% on rupee fall

Reliance Communications on Thursday reported a 33% year-on-year drop in its net profit to Rs. 108 crore for the quarter ended June 30 from Rs. 160.2 crore during the year-ago period.

business Updated: Aug 01, 2013 23:01 IST
HT Correspondent

Reliance Communications (RCom) on Thursday reported a 33% year-on-year drop in its net profit to Rs. 108 crore for the quarter ended June 30 from Rs. 160.2 crore during the year-ago period.

The fall in profits is mainly due to rupee depreciation as the company had a significant debt in dollars, an RCom official said.

It’s total operating income stood at Rs. 5,315 crore from Rs. 5,264 crore in the year-ago period.

Analysts expected the company to report a profit of Rs. 287 crore, according to the average estimates of five analysts on Thomson Reuters.