Reliance Communication Ltd.

Company Analysis of Reliance Communication Ltd. A Review of the literature

Jitendra Pareek PGPM-PA1012 Professor B.V.Krishnamurthy October 31, 2011

Abstract Reliance communications ltd. Reliance Group, an offshoot of the Group founded by Shri Dhirubhai H Ambani (1932-2002), ranks among Indias top three private sectors business houses in terms of net worth. The group has business interests that range from telecommunications (Reliance Communications Limited) to financial services (Reliance Capital Ltd) and the generation and distribution of power (Reliance Infrastructure Limited). Reliance Communications Ltd. (commonly called RCOM) is an Indian broadband and telecommunications company headquartered in Navi Mumbai, India. RCOM is the world's 16th largest mobile phone operator with over 144 million subscribers. Established on 2004, a subsidiary of the Reliance Group. The company has five segments: Wireless segment includes wireless operations of the company; broadband segment includes broadband operations of the company; Global segment include national long distance and international long distance operations of the company and the wholesale operations of its subsidiaries; Investment segment includes investment activities of the Group companies, and Other segment is consists of the customer care activities and direct-tohome (DTH) activities. The Company, with a customer base of 142 million with 2.5 million overseas retail customer as on March 31, 2011. It also has corporate clientele includes over 35,000 Indian and multinational corporations including small and medium enterprises Andover 800 global, regional and domestic carriers. As per financial year 2011 Total income of 23,108 crore (US$ 5,182 million), Net profit of 1,346 crore (US$ 302 million), Net Worth of 35,752 crore (US$ 8,017 million) puts RCOM among the top Indian private sector companies.

Financial analysis Balance sheet Mar ' 11 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: 8,746.53 10,782.57 16,177.55 7,277.13 9,374.90 19,153.82 20,005.94 25,543.01 18,515.29 20,107.04 10,407.29 9,223.37 9,365.46 11,238.16 10,732.14 40,904.17 39,838.17 37,941.15 21,576.32 20,625.82 6,533.38 4,688.69 2,527.37 15,226.02 3,000.00 3,000.00 950.00 5,113.57 1,032.01 1,032.01 1,032.01 1,032.01 1,022.31 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

47,112.47 49,466.88 50,658.31 23,808.02 19,503.23

16,226.72 21,478.28 27,903.61 19,336.43 9,454.27 79,597.22 74,977.17 82,593.93 45,126.46 35,093.38

12,063.27 9,225.69

28,840.90 30,612.48 31,407.77 16,887.63 18,098.45 9,907.66 1,683.52 3,643.86 7,117.56 2,185.60

32,102.13 31,898.60 31,364.75 13,844.14 5,434.43

79,597.22 74,977.17 82,593.93 45,126.46 35,093.38

Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs)

32,101.85 31,898.31 31,364.63 13,844.14 5,434.43

0.28 1,958.61 20640.27

0.29 3,274.83 20640.27

0.12 6,555.82 20640.27

4,392.73 20640.27

3,781.30 20446.15

Annual results in brief Mar ' 11 Sales Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

12,129.77 12,290.61 13,610.58 13,416.19 11,725.26 869.57 -1,058.38 2,149.06 2.32 4,337.16 85.58 4,335.67 11.40 4,882.46 445.17 4,447.75 12.53 4,476.60 232.38 4,280.87 11.78

Operating profit 421.89 Interest Gross profit EPS (Rs) 178.12 728.02 -3.67

During the year under review, RCOM Company has earned income of Rs.12, 129.77crore against k 12,290.61 crore in the previous year. The Company has incurred loss ofRs. 160.84 crore compared to profit after tax of Rs. 478.93 crore in the previous year. The financial year 2011 witnessed hyper competitive environment in the telecom industry resulting in substantial decrease in tariff rates. Despite this, RCOM was able to achieve reasonable top -line growth during the year. The key financial highlights on a consolidated basis are: Total income of Rs. 23,108 crore (US$ 5,182 million), as against Rs. 22,132 crore (US$ 4,903 million) in last financial year Net profit of Rs.1, 346 crore (US$ 302 million), as against Rs. 4,655 crore (US$ 1,031 million) in previous financial year. Cash Earnings per Share (Cash EPS) of Rs. 38.81 (US$ 0.87) as against Rs. 41.30 (US$ 0.91) in the previous year and Basic Earnings per Share (EPS) of Rs. 6.52 (US$ 0.15), as against Rs. 22.55 (US$ 0.50) in the previous financial year. Net worth of Rs. 35,752 crore (US$ 8,017 million) puts its among the top Indian private sector companies.

Ratio analysis: Key Financial Ratios Key financial ratio Current Ratio Quick Ratio Debt Equity Ratio Operating Profit Margin (%) Profit Before Interest And Tax Margin (%) Net Profit Margin (%) Return on total(ROA) ROE Dividend Per Share Earnings Per Share Source: Dion Global Solutions Limited -3.67 2.32 23.27 12.53 11.78 0.50 0.85 0.80 0.75 0.50 233.26 244.66 250.43 120.35 100.39 -6.00 3.33 30.47 17.45 18.63 0.82 4.75 20.91 29.21 28.44 12.85 16.18 34.66 41.73 43.21 1.84 1.81 0.65 1.37 2.14 0.48 1.45 2.70 0.60 March2011 ------------------- in Rs. Cr. ------------------March 2010 March 2009 March 2008 0.95 1.63 0.82 1.77 1.86 0.71 March 2007

1. Current ratio: it gives indication about companys asset and liabilities. RCOM is having highest current ratio in 2011 over the last consecutive four years. Means in this company has more liabilities because of loan of Rs. 79,597.22.

2. Quick ratio: it gives indication about current asset minus inventory/current liabilities. The difference is that it explains the extent to which a firm can meet its short term obligation without meet relying upon the sale of its inventories. Here in 2011 the quick ratio is 1.81. and in 20010 it was 2.14 means inventory was more in 2010 compare with 2011 3. Debt Equity Ratio: total debt/ total stockholder equity, it describe about the percentage of total funds provided by creditors versus by owners. Here in 2011 debt equity ratio is 0.65, 0.48, 0.60, 0.82, 0.71 respectively 2011 to 2007 means RCOM had more debt over the equity in 2008. 4. Operating Profit Margin ratio: earnings before interest and taxes (EBIT)/sales. This ratio basically measure profitability without concern for taxes and interest. generally it uses only for companies internal matter, the shareholder are not included, it measure the companys overall performance with total sales .in 2011 its declining decline in profit numbers for the mobile operator, which offers services on both the CDMA and GSM platforms, largely driven by a hyper competitive Indian mobile market along with the burden of servicing a huge loan on account of acquiring third generation (3G) licenses. 5. Dividend Per Share:- dividend per share ratio is less in 2011(0.50) compare with 2010(0.85) .in other words the company is paying less as dividend and retention of earning is high which used to expand the market and could have been used in other options .but still the shareholders are willing to pay more to RCOM..It indicates RCOM is using retain earning for further business operation. 6. Earnings per share:-it measure availability of earning to the owner of common stock. As per above datas the EPS is very low in 2011(-3.67), 2011 revenues at Reliance Communications Ltd. totaled 231.1B, while annual losses equaled 3.67 per share.

Market analysis Reliance Communications (formerly Reliance Communications Ventures) is one of India's largest providers of integrated communications services. The company has more than 20 million customers and serves individual consumers, enterprises, and carriers, providing wireless, wire line, long distance, voice, data, and internet communications services through a number of operating subsidiaries. The company sells communications and digital entertainment products and services through its chain of Reliance Web World retail outlets. The company's Reliance Infocomm subsidiary provides wireless communications services throughout India. Reliance Communications is part of the Reliance - Anil Dhirubhai Ambani Group. The current network expansion undertaken by Reliance is the largest wireless network expansion undertaken by any operator across the world. Reliance Communications offers a diverse range of services under three business segments namely wireless, global and broadband. The company through its wireless business segment offers mobile and fixed wireless services. Its services include mobile (CDMA & GSM), VAS, wireless data, fixed wireless and PCO. Reliance Communications under its global segment offers services through the following divisions - voice, data, WiMAX, and national long distance with a subscriber base of 86 mn (as of Sept 09). The company operates in 22 telecom circles and 48,000 telecommunication towers. In FY09, the company launched DTH services through its subsidiary under the brand Reliance BIG TV. During FY09, it launched GSM services in 14 service areas. The company has registered revenues of Rs. 570 bn (US $ 11.85 bn) for the second quarter ended Sept 09. During the same period, the company formed a joint venture along with Alcatel Lucent to manage its GSM and CDMA networks. In FY09, the company launched wireless internet service under the brand name - Reliance Net connects Broadband Plus with its network base in 35 cities. During FY09, the company merged its wholly owned subsidiary Reliance Gateway Net Ltd with itself. The company entered into a partnership with Microsoft in Nov 07 offering Windows Mobile Solutions on its wireless networks and with UTV in Jan 2010 for offering gaming services through its DTH services.

Wireless segment: With over 150 million subscribers across India, Reliance Mobile is Indias largest mobile service brand. Reliance Mobile services now cover over 24,000 towns, 6 lakh villages, and still counting. It offer CDMA and GSM based wireless services on a nationwide basis, including mobile and fixed wireless voice, data, and value added services for individual consumers and enterprises. Following the recent roll-out of our GSM network RCOM now the only player in the country offering both GSM and CDMA (dual technology) services on a nationwide basis. RCOM not only provide telecom connectivity to the mass market consumer segment but also, as an Integrated Telecom Service Provider, RCOM portfolio of products includes mobile handsets, fixed wireless phones/terminals, high-speed internet data cards and Blackberry services. Primary brands are Reliance Mobile for the mobile portfolio of services, Reliance Hello for the fixed wireless portfolio of services and Reliance Net connect for wireless data services. RCOM offer a unique wireless multimedia experience under the brand Reliance Mobile World. Rcom has wireless subscriber base of over 102.4 million as of March 31, 2010 representing a market share of 17.7%. Also the second largest seller of mobile handsets/devices in the country, and the largest service provider engaged in this activity. Due to its unique strength in high speed wireless data transmission, it has nearly 60% market share of the data card and USB modem market for laptops and PCs. Reliance GSM based 3G Data Services available in 350 towns across 13 Telecom Circles of India. Already have 1.7 mn customers on this platform. RCom has now reported 5 consecutive quarters of ARPM at 44 paisa. Vodafones ARPM declined 1.5 paisa Q/Q, and Bhartis 1paisa. RCOM continues to focus on ARPM vs. minutes and removing free minutes will take another 2 quarters. Reliance Mobile has been rated as "India's Most Trusted Service Brand" amongst all service brand categories in the most reputed pan-India consumer survey conducted by "The Economic Times".

Global segment: Global segment include national long distance and international long distance operations of the company and the wholesale operations of its subsidiaries; Investment segment includes investment activities of the Group companies In Voice, as part of RCOM retail offering RCOM offer virtual international calling services to retail customers for calls to 200 international destinations including India under the brand Reliance Global Call. Retail services are available to customers in eight countries including the United States, Canada, the United Kingdom, Australia, New Zealand, Hong Kong and Malaysia. We have 2.5 million customers for our Reliance Global Call service. Usage of Reliance Global Call accounts for 40% of total retail market calls from the United States to India. Its international Data business is underpinned by ownership of the largest private submarine cable system in the world, directly connecting 40 countries from the East coast of the United States, to Europe, the Middle East, India, South and East Asia, through to Japan. The network seamlessly interconnects with our 190,000 route Kilometers fiber optic cables within India. RCOM is further expanding global network with implementation of the FLAG Next Generation Network cable system and by becoming a part of the Singapore-HK-Japan (SJC) consortium cable system. As part of wholesale offering, RCOM offer national and international (submarine cable) network infrastructure on both an Indefeasible Right of Use (IRU) and leased circuit basis, internet bandwidth, IPLC to carriers, ISPs, content providers and enterprises globally. RCOM has a very strong and rapidly growing enterprise business segment outside India.

Broadband segment: RCOM offer the most comprehensive portfolio of enterprise voice, data, video, internet and IT infrastructure services. These services include: national and international private leased circuits, broadband internet access, audio and video conferencing, MPLS-VPN, remote access VPN, Centrex, toll-free services voice services for offices, voice VPN for corporate and managed

internet data centre (IDC) services. It also offers unique, value-added products and services to large, medium and small enterprises for their communications, networking, and IT infrastructure needs across the country. RCOM started enterprise broadband services in the first half of 2005. It is leveraging existing metro fibre optic networks to establish direct building connectivity on-net. Currently RCOM is broadband service operating in 44 cities in India with close to 1,029,300 buildings connected directly to network serving close to 1.45 million access lines. It has established an enterprise customer base that includes over 850 of the Top 1,000 Indian enterprises and MNCs and also expanding enterprise subscriber base rapidly in the SME segment.

BCG matrix analysis of Reliance Communication ltd The BCG matrix or also called BCG model relates to marketing. The BCG model is a wellknown portfolio management tool used in product life cycle theory. BCG matrix is often used to prioritize which products within company product mix get more funding and attention. BCG matrix results in 4 categories in a portfolio of a company are following, by using these following four categories can analysis of any company product mix BCG STARS (high growth, high market share): Stars are defined by having high market share in a growing market.

Stars are the leaders in the business but still need a lot of support for promotion a placement. If market share is kept, Stars are likely to grow into cash cows. BCG QUESTION MARKS (high growth, low market share) - These products are in growing markets but have low market share. - Question marks are essentially new products where buyers have yet to discover them.

- The marketing strategy is to get markets to adopt these products. - Question marks have high demands and low returns due to low market share. - These products need to increase their market share quickly or they become dogs. - The best way to handle Question marks is to either invest heavily in them to gain market share or to sell them.

BCG CASH COWS (low growth, high market share) - Cash cows are in a position of high market share in a mature market. - If competitive advantage has been achieved, cash cows have high profit margins and generate a lot of cash flow. - Because of the low growth, promotion and placement investments are low. - Investments into supporting infrastructure can improve efficiency and increase cash flow more. - Cash cows are the products that businesses strive for. BCG DOGS (low growth, low market share) - Dogs are in low growth markets and have low market share. - Dogs should be avoided and minimized. - Expensive turn-around plans usually do not help.

To measure the strength, Relative Market Share and Market Growth Rate calculated according to following formulas Relative market share = SBU sales of this year /leading rivals sales this year Market growth rate = industry sakes this year - industry sales last year/leading rivals sales this year.

Market share of mobile service provider

Service Provider

Subscriber (Mn)

Market Share (%)

Relative Market Share

Bharti Airtel Reliance Com + RTL Vodafone Essar BSNL Tata Teleservices IDEA Aircel MTNL Uninor Sistema Shyam Loop Mobile STel Videocon HFCL Infotel Etisalat/Allianz

130.61 105.15

21.73 17.49

1.243 0.805

103.75 70.62 67.88 65.28 38.46 5.12 5.02 4.21 2.89 1.11 0.65 0.327 0.004

17.26 11.75 11.29 10.86 6.40 0.85 0.84 0.70 0.48 0.19 0.11 0.06 0.00

0.794 0.541 0.520 0.500 0.295 0.039 0.039 0.032 0.022 0.009 0.005 0.003 0.000

Market share of mobile service provider in Indian market is according to the above table in 2010 .RCOM has 105.15 Mn subscribers in 2010 with market share of 17.49 % and relative market share is 0.805. Here Bharti Airtel is main rival of RCOM so its share will be use for calculation of relative market share and groth rate .of RCOM Company. Relative market share of RCOM in mobile service unit is= RCOM share / Bharti Aitrel mobile service share in 2010 17.49/21.73= 0.805 So here RCOM has 0.805 market share in Indian mobile servile market Top CDMA operators in India

Telecom Operator

Market Share (in %)

Relative Market Share

MTS (SSTL) RCOM MTNL BSNL HFCL Tata Teleservices

1.0% 56.0% 0.0% 6.0% 0.0% 37.0%

0.017 1.514 0.000 0.107 0.000 0.661

So here the relative market share for CDMA will be calculated on the basis of Tata Teleservices because it is main rival of RCOM in this business.

Relative market share =56.0/37.0=1.51

Telecom Operator

Market Share

Relative Market Share

Bharti Airtel

32.0%

2.735

RCOM

11.7%

0.366

Vodafone

20.8%

0.650

BSNL

9.3%

0.291

IDEA Cellular

12.7%

0.397

Tata Teleservices

8.5%

0.266

Aircel

4.0%

0.125

Market share of wireless telecom operator

Here among the main seven wireless telecom operator RCOM is having rivalry with Bharti Airtel so for relative market share calculation Bharti Airtel market will be use. Relative market share of RCOM in wireless segment is =Bharti Airtel market share /RCOM market share= 0.366

Here in the above matrix CDMA is in CASH COW (low growth, high market share), GSM and WBB is comes in QUESTION MARKS (high growth, low market share). CDMA business is having highest market share (1.514) among three businesses but growth is relative less. And GSM (0.805) and WBB (0.366) market share is comparatively less but growth rate is high compare then GSM. Market demand is high but returns are lees due to low market share.

HR Policies analysis Our people, our strength "We bet on people," said Dhirubhai Ambani,. This is at the core of Reliance Communications business philosophy. Reliance Communications believes in hiring world-class talent and supporting them with an enabling organizational framework. PCMM MODEL framework for RCOM:The Carnegie Mellon University Software Engineering Institute developed the People Capability Maturity Model (P-CMM) to help businesses manage knowledge workers across global borders, as well as between greying and millennial generations. Similar to CMMI, P-CMM has five maturity levels, but the model is focused on the need to improve the capabilities of a workforce as a differentiating factor from the competition In fact, P-CMM was developed to develop workers' competencies according to the needs of process maturity levels. The People Capability Maturity Model (People CMM) is a framework that helps organizations successfully address their critical people issues. Based on the best current practices in fields such as human resources, knowledge management, and organizational development, the People CMM guides organizations in improving their processes for managing and developing their workforces. The People CMM helps organizations characterize the maturity of their workforce practices, establish a program of continuous workforce development, set priorities for improvement actions, integrate workforce development with process improvement, and establish a culture of excellence. The key process areas of this the framework address the identification of the organization's competencies, and align its people management activities to them. P-CMM serves as a framework for developing employees from mere knowledge workers to knowledge managers. RCOM also doing same thing if we compare it with PCMM model , RCOM is continuously improving individual competencies, developing effective teams, motivating improved performance, and shaping the workforce the organization needs to accomplish its future business plans RCOM has already invested in 50,000 person training days and state-of-the-art e-learning

facilities. It is introducing several progressive and employee friendly HR practices in e-HR, Employee Self Service, Performance Management System, 360 Feedback and Leadership Development initiatives. RCOM has Vision to develop Global Leaders in India by providing them opportunities to learn through a comprehensive and contemporary framework of continuing education. For any business to run one needs four Ms namely Man, Money, Machine and Material. Managing other three resources other than men, are easy to handle. Men are very difficult to handle because no two human beings are similar in all way. Human beings can think, feel and give response. Handling humans is more important for any business because human being have crucial potential that may be very profitable for the business. And these potential can be developed to an unlimited extent if they are provided with proper environment. So the function of managing men is as important as finance or marketing function in any business.

Operational analysis:Technology: Reliances led achievement in manufacturing is, of course, its comment once process technology since its products do not need cutting edge. Not only has Reliance pushed its production capacity beyond normal levels, it has develop supervisor processes to increase the utilization and cost efficiency levels. The company has technical collaborations with Du-Pont Canada, Unipol/sheel technology Japan, and Sinco technology Japan which name enhanced their capabilities in the areas of production efficiency and quality improvements - this helping Reliance to supply to its customers the best of quality at the right price. Communication is the synergy of information and communication services brought about by the digitalization and convergence. In the fast moving and competitive knowledge era, Communication is not only a driver of growth but also competitiveness. Reliance Communication is revolutionizing telecommunication in India by provisioning services that would match with the leading operators of the most developed

countries. These services are the outcome of state-of-the-art network technologies that have been inducted in the Reliance Communication network. RCOM network consists of the latest switching, transmission and access technologies. The core of the network consists of fiber deployed throughout the country. Deployed over the fiber media are the DWDM and SDH transmission technologies in ring topology to provide ultra-high bandwidth capacity and failure proof backbone. Besides circuit switched technologies, the backbone also has IP architecture and uses MPLS technology to carry data on an overlay network. In addition gigabit Ethernet provide broadband services on wire line access. The switching technology deployed in our network is based on a combination of wire line and wireless switches. While state-of-the-art digital feature-rich wire line switches meet the growing needs of Indian corporate, the CDMA 1X based wireless switches are advanced enough to provision not only quality spectrum efficient voice services but also 144 kbps of data rates besides SMS and MMS services. CDMA 1X provides an in-built connectivity to internet which gives users the power of accessing internet and data services anytime. These switching technologies enable us to provide high quality of voice and data services to give a new experience to users. The entire network is seamlessly integrated with the deployment of a range of operations and business support systems (OSS / BSS). These systems help make its operations more efficient and customer friendly. In addition, the state-of-the-art NOC helps monitors its entire network at one place. Call center technologies deployed would help give the best customer service. Finally, the most important aspect of its services is the range of feature-rich CDMA 1X handsets with wider color display at attractive prices. All handsets are data enabled that permit users to access its bouquet of services. The technologies help Reliance Communication to provide world class telecom services in both voice and data at prices affordable by the Indian masses. Reliance's customer focused R&D efforts comprise a critical part of its competitive arsenal used for creating customers and enhancing market share.

R&D:Quality initiatives at Reliance are closely integrated with R&D efforts, R&D is aimed at product quality enhancement, enhancing customer serve, new product developments, process improvement, and development of more environment friendly processes. Reliance's customer focused R&D efforts comprise a critical part of its competitive arsenal used for creating customers and enhancing market share. New product applications developed by the R&D team continue to be key drivers of incremental demand growth for Reliance's products. While introducing new products, technical interaction with customers is encouraged for understanding their requirements to fulfill their quality needs. R&D efforts are thus fine tuned to deliver solutions. The focus of the R&D and market development efforts is not merely to sell and service customers but to deliver value. Reliance's R&D efforts are through ongoing internal efforts as well as joint efforts in collaboration with the premier research organizations in India such as National Chemicals Laboratory, University Department of Chemical Technology (UDCT), Indian Institute of Technology (IIT) and the Bhabha Atomic Research Centre (BARC). Reliance's Product Applications Research Center (PARC) has been at the forefront of applications research in India. PARC - the technical wing of Reliance - is active in various customer awareness initiatives and development of new product applications.

Conclusion:-Reliance group along with other success business will also get success tremendous success in telecommunication. RCOM cellular ltd. an Anil Dhiru bhai Ambani Group of cos. is very fast catching up with the market by providing cheaper calling rates It is a major player in mobile service provider after Bharti Airtel .RCOM is doing well business by using effective technology and strategy, quality commitment in market...

Limitation of the study: As every Review of the literature has limitation, so this study is also totally based on secondary data and previously published research. So lake of primary data it can be slightly different form original datas .Reliance communication is a vast organization it deals with in different -different segment so data finding was not easy. Time constrain was main limitation of this study.

Reference

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