RCom profit up 6-fold

Beating analysts8217; estimates,Reliance Communications Ltd has reported a six-fold surge in quarterly net profit,lifted by higher call tariffs and reduced competition. RComs consolidated net profit shot up to Rs 675 crore for its fiscal second quarter to September 30 as against Rs 102 crore in the same period of last year,helped by a provision write-back of Rs 441 crore.

Excluding the write-back,the net profit,which rose for the first time in five quarters,was Rs 234 crore. Total income from operations rose 6.55 per cent to Rs 5,361 crore for the reported quarter as compared to Rs 5,031 crore for the same period last year.

The company has,during the quarter,reassessed the requirement of maintaining balance of Rs 441 crore of provision for business restructuring created pursuant to the schemes of amalgamation approved by High Court in financial year 2006-07 and as determined by the board,credited to other income as no longer required, it said.