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Anil Ambani-controlled Reliance Communications has reported an 86.14 per cent drop in net profit for the fourth quarter ended March 31, 2011 largely due to the heavy debt on its books.
The company reported a net profit of Rs 169 crore as against Rs 1,220 crore reported in the same quarter a year ago.
Revenues were up 54.6 per cent to Rs 7,876 crore (Rs 5,092.8 crore)
Net debt for the Mumbai-based company stood at Rs 32,048.5 crore.
It may be recalled RCom had recently entered into an agreement to avail itself of a Rs 6,000-crore loan facility from China Development Bank.
The RCom scrip was up 2.94 per cent to close at Rs 87.5 on the Bombay Stock Exchange today.
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