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Idea Q1 net profit almost doubles

Special Correspondent
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Buoyed by robust voice and data revenues, better cost management and customer additions, Idea Cellular, on Thursday, reported a net profit of Rs.462.70 crore in the first quarter ended June 30, 2013, almost doubling the figure reported in the same period in the previous year when it was Rs.234 crore.

The Aditya Birla Group company saw total revenue for the period rose by 19 per cent at Rs.6,539 crore, and the operating profit up 45 per cent at Rs.2,076 crore.

A statement from the company said it revised the life of some fixed assets from 13 years to 10 years and this resulted in a higher depreciation of Rs.180 crore, and the total impact of this change for the full year would be Rs.450 crore.

During the period, the voice minutes grew 12.5 per cent to 147.3 billion with net annual new customer addition of 7.8 million, taking the cumulative subscriber base to 125 million at the quarter-end.

The data volume grew 92.2 per cent to 13.8 billion megabytes with mobile data now contributing 7.2 per cent to the company’s ‘service revenue’.

The stock hit a new high on the Bombay Stock Exchange during intra-day trading but closed lower by one per cent at Rs.167.35.

To raise up to

Rs.3,000 cr from QIIs

PTI reports:

In a filing to the BSE, the company said its board had approved raising up to Rs.3,000 crore from qualified institutional investors by issuing company’s equity shares.

The board has also approved issuing company equity shares worth up to Rs.750 crore on a preferential basis to Axiata Group Berhad, the company said.


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