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RCVL recores Rs 310 cr profit in Q3

Anil Dhirubhai Ambani Group company announced a net profit of Rs 310 cro for RCVL for the third quarter ended December 31, 2005.

india Updated: Feb 21, 2006 14:02 IST

Ahead of its listing, Anil Dhirubhai Ambani Group company on Tuesday announced a net profit of Rs 310 crore for Reliance Communication Ventures Ltd (RCVL) for the third quarter ended December 31, 2005.

This is significantly higher than the net profit of Rs 51 crore announced by Reliance Infocomm for whole of the last year before the company was transferred to Anil Ambani as part of settlement with his elder brother Mukesh Ambani for division of Reliance empire.

RCVL, one of the four Reliance-ADAG companies carved out from Mukesh controlled Reliance Industries, has recorded a revenue of Rs 3,327 crore. The company had posted a net loss of Rs 250 crore for first quarter of the current financial year, a company statement said.

The results are for the period prior to the announcement of restructuring and demerger of the group.

RCVL's cash profit for the third quarter was recorded at Rs 720 crore while EBITDA (earnings before interest, tax, depreciation and amortisation) stood at Rs 848 crore, the statement said, announcing unaudited proforma consolidated results for the latest quarter ended December 31, 2005.

The proforma numbers are based on financial performance of all companies in RCVL group, including inter alia Reliance Infocomm Ltd, Reliance Communications Infrastructure Ltd, Flag telecom, and Reliance Telecom (prior to the adjustment for minority interests).

As the company was not in existence in the financial year 2005-06, there are no comparable figures for the proceeding year, it said.

The disclosure is voluntarily being made to uphold the highest standards of transparency and corporate governance, for the benefit of over 20 lakh Reliance investors, who have become RCVL shareholders, as a result of the scheme of arrangement of Reliance Industries Ltd (RIL).

RCVL, as already announced, is expected to be listed on the BSE and NSE in the week beginning March 6, 2006, subjected to regulatory and other approvals, it added.

First Published: Feb 21, 2006 13:11 IST