Reliance Communications (RCOM) 4QFY2010 performance failed to meet our expectations on the core operations front. Wireless revenue grew 1.7% qoq (down 9% yoy), which was lower than the industry average in the quarter. The company has crossed the 100mn subscriber milestone during the quarter. Global business grew by 2.3%qoq (7.8% yoy), whereas broadband segment sales declined by 3.5% qoq (3.9% yoy). Profit after tax, however, grew by 10.1% sequentially (down 16% yoy), largely on account of higher interest earned (up 99% qoq). We recommend an Accumulate on the stock.
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