RCom sees sharp cut in Q3 consolidated loss at Rs 130 crore
Posted on 30th January 2018 |
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| Reliance Communications (RCom) announced on Monday that its planned exit from the consumer business has resulted in a sharp drop in the company’s consolidated net loss sequentially to Rs 130 crore for the three months ended December 31, 2017 from a net loss of Rs 2,712 crore in the July-September 2017 period. The company’s consumer business comprised wireless, direct to home and PCO. Commenting on the results, Reliance Communications chairman Anil D Ambani said, “RCom’s planned exit from the consumer business has achieved more than the desired results. RCOM has reduced its net loss by over 95%. RCOM expects to deliver even better financial performance in the coming quarters”. RCom’s new business portfolio comprises business to business (B2B), namely global and Indian enterprise, internet data centres (IDC), global submarine cable network and international long-distance voice, with around 40,000 global and Indian customers. RCom’s new business portfolio reported consolidated revenues of Rs 1,176 crore and Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 252 crore. The Ebitda margin was at 21.4%. Net profit in the new business was Rs 27 crore for the quarter, up 28.6% over the preceding quarter, the company said in a statement. The Indian operations’ revenues and Ebitda stood at Rs 596 crore and Rs 95 crore, respectively; global business contributed revenues and Ebitda of Rs 709 crore and Rs 157 crore, respectively. The company statement said that the strategic transformation of RCom is well underway. During the quarter, RCom announced its exit from RBI’s SDR framework. RCom signed the definitive binding agreements for sale of wireless, spectrum (excluding 4G spectrum under sharing), tower, fibre and media convergence node (MCN) assets. RCom’s asset monetisation is on track to close by March 2018, subject to lenders’ consents and other regulatory approvals, it said. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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