MUMBAI: Reliance Communications Limited announced its unaudited consolidated financial results for the quarter ended December 31, 2006. The company’s net profit of Rs 9.24 billion ($ 209 million), is higher by 198 per cent compared to net profit of Rs 3.10 billion ($ 70 million) in the corresponding quarter last year.

EBITDA at Rs 15.27 billion ($ 346 million), growth of 76 per cent over the corresponding quarter last year. The company’s revenue growth of 26 per cent was at Rs 37.55 billion ($ 851 million) from Rs 29.91 billion ($ 678 million).

Shareholders Equity crossed Rs 200 billion (more than $ 4.5 billion). The company’s Capex for FY2007 is now expected at over Rs 77 billion ($ 1.75 billion).

Reliance Communications Limited chairman Anil Dhirubhai Ambani said, “We have delivered another quarter of strong revenue and EBITDA growth across all our business segments. Net profits have increased by three times in the past year. This performance has lifted Reliance Communications into the select group of companies with annualised EBITDA of well over Rs 50 billion ($1.1 billion) and a stockmarket value of nearly Rs 940 billion (over $21 billion). Reliance Communications is now one of Asia’s most valuable telecom companies.”

“We remain focused on further strengthening our position within India’s rapidly growing telecom sector, achieving profitable growth, and delivering long term value for our two million shareholders,” he added.