Anil Ambani's business group, flagship Company Reliance Communications Ltd., may report drop in profit in the third quarter as call rates tumble. India's second-largest mobile-phone operator announces its earnings on Feb 14.

According to the average of 25 analyst estimates, net income may fall 66% to 3.7 billion rupees in the third quarter. Last year the company recorded net income of 11 billion rupees.

Analysts also said that to convince investors that company will be able to trim debts after selling equity and mobile-phone transmission tower unit, it is very important for the company to earn profits also.

On Feb 9, Ambani's group of companies lost around $2.6 billion in market value.

In present situation it is not important to earn profits. Instead of concentrating on earnings, company should pay more attention on the ways to reduce debt levels, said by Jigar Shah, an analyst with Kim Eng Securities India Pvt. in Mumbai.

As per reports submitted by the company at the end of June, it has more debt as compared to its cash and equivalents.

Last year Ambani has stated that operator will slice their investments in capacity expansion to become debt free in three years.