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Tuesday, November 13, 2012

Reliance Communications Ltd: Reiterate, a Buy
CMP: Rs.59.10
Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) for Reliance Communications Ltd was reported at Rs.1638 crore in Q2 September 2012, up 2.1% from Rs.1605 crore in Q2 September 2011. EBITDA margin was reported at 31.5%, amongst the highest in the industry, with strong contribution from both Wireless and GEBU businesses.
RCom's wireless revenue rose 3.9% and wireless EBITDA rose 16.4% in Q2 September 2012 over Q2 September 2011.
Revenue per minute (RPM) for Reliance Communications Ltd, (RCom) stood at healthy 43.2 paisa in Q2 September 2012. The company said it has successfully achieved RPM stability for the last 10 consecutive quarters amidst increasing competition and over supply of minutes in market place.
RCom said it continues to be free cash flow positive. The company generated operational cash flow (EBITDA) of Rs.1638 crore in Q2 September 2012, as mentioned earlier. This is the second full year of positive free cash flow (FCF) for the company.
During the quarter, RCom raised pre-paid tariffs by 25% across GSM and CDMA platforms. This decision was in line with its aim of maintaining a healthy RPM and improving average margin per user. It expects the full revenue impact of the tariff hike to reflect by next financial year. On last Friday, Reliance Communications Ltd, rose 3.23%, with the stock reversing intra-day losses.
Meanwhile, the government on Friday, 9 November 2012, said it has decided to relax the policy on external commercial borrowing (ECB) for the telecom sector in view the large outlay of funds required to be paid by telecom firms directly to the government within a limited period of time for the upcoming 2G spectrum auction.