Mumbai, Apr 30 (UNI) Churning out a record performance, Reliance Communications today reported a 70.8 per cent growth in its net profit for fiscal 2008 at Rs 5,401 crore over a revenue of Rs 19,068 crore, up by 31.8 per cent from previous year.
Announcing the results, Reliance Communications Chairman Anil Ambani told newsmen here that the future was very bright for the country as it had already won the licence for the nationwide role out of GSM along with its CDMA services. The market is going to be very competitive as ''the fun is just about to begin'' in the telecom sector in the country.
Reliance Communications, which had a capital expenditure of Rs 45,000 crore for 2007-08 and 2007-09, had already ordered electronics worth one billion dollars for the GSM roll out, Mr Ambani said, adding, the first roll out would begin by the end of this year and by the end of first quarter of next fiscal and middle of 2009, the nationwide rollout would be completed.
''As against the scale of 10 to 15 years taken by other operators for pan-national network, Reliance will achieve it in 12 to 18 months,'' he said.
He said the Board today approved 15 per cent dividend and Reliance Communication would be the only listed telecom company in the country to reward two million shareholders with a dividend payout of Rs 181 crore. The networth of the company had expended to Rs 25,643 crore and net debt equity ratio was placed at a conservative 0.39 to one.
Mr Ambani said the mark to market loss incurred by the Company in foreign exchange derivative exposure was only Rs 25 crore, of which Rs 18 crore came in the fourth quarter. He said the loss reported by the company would stun the analysts who were talking of figures such as Rs 400 and Rs 600 crores.
''We are very conservative in our foreign exchange dealings as our core business is telecommunications'' he added.
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