There is a disparity between the data reported by Reliance Communications to TRAI and to the Stock Exchanges. Morgan Stanley has investigated the matter and here is a brief excerpt from the same.

Revenues
reported for all the operators in the quarterly results for individual companies were similar to that reported by TRAI baring RCOM where in there was close to 25% differential. Average Revenue Per User (ARPU) based on TRAI data in comparison to those reported by the Companies too were similar for all Companies except RCOM which was 23% lower at Rs208 level. And finally License fees payment was similar at 9-11% for other operators and while that for Reliance it was 6%. Interconnect as % of total TRAI Revenues was as high as 24-37% for various cellular service providers while that for RCom was just 7%.

Wait a minute, this is not like erstwhile Sr. Ambani who manipulated books of accounts. This has led to confusion amongst various analysts in the Telecom sector.

RCom clarified on two fronts – Revenue disparity is between these are on account of revenues relating to Data Cards, R World, Value added services as well as revenues from Rural telephony which do not entail license fee. Since RCom has the highest on-net calls, this lowers its Interconnect costs.