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Idea Cellular Q1 net profit up 32% to Rs234.1 crore

Idea said its revenue performance of last two quarters has slowed down on sequential quarterly basis to 2.5% growth due to grim market battle for supremacy


New Delhi: Mobile operator Idea Cellular on Monday said its consolidated net profit has increased by 32% to Rs234.1 crore for the first quarter ended June 2012, reports PTI.
 
This is against a net profit of Rs177.3 crore in the same period last year, Idea Cellular said in a statement.
 
The company's total consolidated revenue stood at Rs5,503.7 crore, up 21.7% from Rs4,520.7 crore in the April-June 2011 quarter. The numbers also includes financials of Indus Towers business, in which Idea Cellular holds 16% stake.
 
Due to introduction of 'Telecom Consumer Protection Regulation' by TRAI with effect from 22 March 2012 and "grim market battle for supremacy", Idea said its revenue performance of last two quarters has slowed down on sequential quarterly basis to 2.5% growth.
 
"This primarily due to slide in 'average realisation per minute' (ARPM) by 2.3% to 41.2 paise in comparison to 42.2 paise in Q4 FY12, suggesting the industry growth is likely to be muted in the first half of this financial year," it said.
 
Idea's net profit stood at Rs239 crore, while revenues stood at Rs5,369.7 crore in January-March 2012 quarter. It said the long term business outlook for the company remains positive.
 
Idea, with its 117 million subscribers, saw minutes' usage growing at 5.3%, generating 131 billion minutes compared to 124 billion minutes in January-March 2012 quarter.
 
During the quarter, the company had a forex loss of Rs24.5 crore compared to a forex gain of Rs13.5 crore in Q4 FY12 on account of currency depreciation.
 
"The company is confident to overcome the current uncertain regulatory phase, emerge stronger, consolidate its position in the telecom voice market and participate aggressively in the evolving wireless broadband business," it added.

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