Reliance Communications shares gain after Q4 PAT at Rs 303 crore

MUMBAI: Shares of Reliance Communications moved higher in trade after the company reported a net profit of Rs 303 crore for quarter ended March 2013 as compared to a net profit of Rs 105.5 crore in the previous quarter.

Revenues for the quarter increased to Rs 5,956 crore, up 12.3 per cent, as against Rs 5,301.3 crore in last quarter.

The EBIDTA for fourth quarter was at Rs 2,218 crore, up 34.2 per cent, from Rs 1,653.3 crore, quarter-on-quarter (q-o-q) and EBIDTA margins increased to 37.2 per cent from 31.2 per cent, q-o-q.

Reliance Communications reported other income at Rs 826 crore vs Rs 165 crore.

Reliance Communications has repaid $500 million loan which it had taken from international banks in 2007, say reports.

CLSA has maintained 'sell' rating on the stock due to its lofty debt burden. The brokerage firm has a target price of Rs 70 on the stock.