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Reliance Comm Q3 net up 49%, beats forecast
Mumbai: Reliance Communications, India's No. 2 mobile firm, said on Thursday quarterly net profit rose 49 per cent, beating forecasts as it signed new users in the world's fastest growing wireless market.
Reliance, which had nearly 41 million wireless customers at end-December, said net profit rose to Rs 1373 crore ($349 million) in the fiscal third quarter ended Dec. 31 from Rs 924 crore reported a year earlier.
Net sales rose to Rs 4776 crore from Rs 3755 crore.
A Reuters poll of 10 analysts had expected net profit of Rs 1336 crore on revenue of Rs 4943 crore.
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Larger rival Bharti Airtel on Wednesday reported a better-than-expected 42 per cent rise in quarterly profit to Rs 1722 crore.
Shares in Reliance, India's seventh-most valuable firm at more than $30 billion, gained 27.5 per cent in the December quarter, outperforming a 17 per cent rise in the benchmark index.
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