10:00AM, 7:30PM Mumbai - Reliance Communications net profit rises 48.5%.

Reliance Communications has reported a 48.5% rise in its net profit for the quarter ended December 31 200 to 13.728 billion rupees or $345 million from .9.244 billion rupees or $230 million from the previous comparable period.

The growth in profits during the quarter was higher than the 42% reported by rival Bharti Airtel.

In the quarter, the Anil Dhirubhai Ambani India''s telecom company said net sales of 47.76 billion rupees versus 37.55 billion rupees were realised, reflecting a growth of 29.8% in the corresponding period.

The sales recorded were off analyst''s expectations of 49.7 billion rupees

Net income grew 49% to 13.7 billion rupees or $348 million during the quarter up from 9.24 billion rupees from the previous comparable period.

Margins expanded from, 40.5% to43.2% in the quarter

Reliance Communications, India''s second-largest mobile operator chairman, Anil Ambani said the company was intending to spend about $6 billion in the year to March 2009 on expanding its wireless network.

Reliance was given approval in the quarter to extend its global system for mobile communications network nationwide, hence more funds were needed to fund the project.

Data released by Telecom Regulatory Authority of India shows that Reliance Communications added 4.64 million customers compared with Bharti''s 6.28 million additions.

During the last 12 months, the stock gained 31%, compared with the benchmark Sensitive Index''s 26% gain and Bharti advanced 22% during the same period.

Reliance provides communications services, covering mobile and basic telecom, broadband, national and international long distance and data services, besides custom-built value-added services.