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RCom Q2 net profit tumbles 60% to Rs102 crore

The Anil Dhirubhai Ambani group (ADAG) company said it net profit fell mainly due to interest outgo on money it had borrowed to buy 3G spectrum two years ago

 
Mumbai: Reliance Communications Ltd (RCom) has reported a 60% drop in its consolidated net profit to Rs102 crore for the second quarter ended 30th September, reports PTI.
 
The Anil Dhirubhai Ambani group (ADAG) company had posted a net profit of Rs252 crore in the corresponding period last fiscal.
 
RCom President and chief executive for Wireless Business, Gurdeep Singh said that profit after tax of the company is mainly down due to interest outgo on money the firm had borrowed to buy 3G spectrum two years ago.
 
The total income from operations increased by 4.98% at Rs5,031 crore for the July-September 2012 quarter compared to Rs4,792 crore it registered during the corresponding period a year ago.
 
During the quarter, RCom raised pre-paid tariffs by 25% across GSM and CDMA platforms.
 
"This decision is in line with our aim of maintaining a healthy RPM (revenue per minute) and improving average margin per user. We expect the full revenue impact of the tariff hike to reflect by next financial year," the company said in a statement.
 
RCom said its 3G customer based increased to 4.8 million and company now has over 26 million customers using data (internet) services.
 
"Rationalisation of 3G tariff has helped in uptake," Singh said.
 
Singh said that average revenue that company earns from its subscribers has reached Rs 102 crore.
 
RCom's subscriber base reached 13.48 crore at the end of September 2012.
 

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I-T Dept shares Gadkari companies' details with Pune counterparts

According to IT department sources, the investor companies of Gadkari's Purti group, which were started with paid-up capital of about Rs2,000 to Rs3,000 are fake and inquiries revealed that there was not a single books of accounts maintained by these companies

Mumbai: A week after conducting an open inquiry on the premises of companies which invested in Purti Sugar & Power run by Bharatiya Janata Party (BJP) chief Nitin Gadkari, the Directorate General of Income Tax (Investigations) officials has shared the retrieved information with their Pune counterparts, reports PTI.

 

The Income Tax (I-T) department had conducted a pan-India inquiry on premises of companies which had invested in Purti Sugar & Power, while it had conducted inquiries at 12 places in Mumbai.

 

"It was the Pune DG who sought our help to conduct the inquiry. So, after the inquiry, we have submitted our findings to the Pune DG, which will investigate the case further and will submit their report to the appropriate authorities," an I-T department source said.

 

The Income Tax department's Mumbai office also shared recorded statements of 13 people who were mentioned as "directors" in the initial company that was floated.

 

According to IT department sources, these companies in Mumbai, which were started with paid-up capital of about Rs2,000 to Rs3,000 are fake and inquiries revealed that they did not even find their books of accounts.

 

Earlier, the IT department had said that people who were mentioned as "directors" are men of no means and most of them are security guards, labourers and astrologers.

 

I-T sleuths at various locations had also found that offices were being made to look like genuine companies registered with the Registrar of Companies (RoC).

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