Reliance Communications reported a sharper-than-expected 60 percent decline in quarterly profit as the country’s No3 mobile phone carrier by customers struggles with its heavy debt load.
Consolidated net profit fell to Rs 102 crore for its fiscal second quarter ended September, from Rs 252 crore reported a year earlier, Reliance Communications, controlled by billionaire Anil Ambani, said in a statement on Thursday.
Analysts had expected the company to report a net profit of Rs 164 crore, according to Thomson Reuters data.
Shares in Reliance Communications, valued at $2.2 billion, closed 1.4 percent higher ahead of the earnings announcement. The stock is down 16 percent this year, underperforming the benchmark Mumbai index that is up 22 percent.