The Anil Ambani-led group company posted net profit of Rs157 crore for the quarter ended 30 June 2011, compared with Rs 250 crore recorded during the same period a year ago.
This is the eight consecutive drop in quarterly profit as company is suffering from high debts.
Company occurred high foreign exchange losses and incurred high interest costs during the quarter.
Its total revenues declined to Rs 4,940 crore during the quarter under review from Rs 5,109 crore posted during the same period a year ago.
Reliance Comunications has had over 143 million wireless connections as on 30 June 2011, compared with Bharti Airtel's 169 million and Vodafone's 142 million accounts.
During the quarter, RCOM redeemed FCCB of US $500 million in the month of May, 2011 to repay the future debt maturities.
Reliance Communications has announced a hike of 20% in its call charges for both GSM and CDMA services in most of its operating circles, owing to higher inflation in the country.
Recently, the company became the first 3G operator in the country to enter the tablet space by unveiling its Reliance 3G Tab, a fully loaded Android tablet priced at around Rs 13,000.