Reliance Communications, India’s leading mobile operator, whose possible merger talks with South African MTN got terminated this month has released its first quarter results depicting a 23.8 percent jump in net profits driven by higher subscriber additions of 5 million.

The company posted net profit of 15.12 billion rupees ($355 million) as compared to 12.21 billion rupees in the same corresponding period a year ago, which comes in line with the analysts’ forecast of 15.16 billion rupees.  Its net revenue grew to 53.22 billion rupees, up 23.7% from 43.04 billion rupees recorded a year ago.

Further the company registered a hike of 24% in EBITDA which stood at Rs. 22.5 billion with EBITDA margins expanding from 42.2% to 42.3% due to robust Wireless, Global and Enterprise business growth.

This quarter witnessed an increment in Shareholders Equity to Rs 264.1 billion and maintained net Debt to Equity Ratio at a conservative level of 0.49:1 despite capex expenditure of Rs 69.69 billion

RCom, although missing out an opportunity to become global top-10 telecoms by merging with MTN, achieved many milestones during the quarter which contributed towards strong financial results. Some of them include the introduction of an unprecedented customer benefit “Unlimited Free STD calls” plan, JV with Alcatel Lucent for Managed Network Services offering, acquisition of VANCO Group and alliance with Stealth Communications.