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Idea Q1 net at Rs. 177 crore

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CIOL Bureau
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NEW DELHI, INDIA: Idea Cellular, India's fourth-largest mobile carrier by subscribers, said on Friday that its consolidated net profit for the fiscal first quarter ended June stood at Rs. 177.26 crore as compared to Rs. 201.40 crore for the year-ago quarter. In the previous quarter, the profit was Rs. 2 74.5 crore.

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Total revenue has increased from Rs. 3653.70 crore for the quarter ended June 30, 2010 to Rs. 4520.72 crore for the reporting quarter, the company said in a regulatory filing. In the previous quarter the revenue was Rs. 4,234.70 crore. The revenue growth is 6.7 per cent up on a sequential quarterly basis.

Idea said it carried 108.6 billion minutes on its network, registering a growth of 6.5 per cent compared to the previous quarter and remained among the top 10 global operators in terms of voice minutes of usage.

Also read: Vodafone, Idea hike prepaid tariffs

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It also said the dip in profit was due to the introduction of 3G services in this quarter, additional expenses of amortisation of 3G spectrum fee (Rs. 65.6 crore) and charging of related interest cost (Rs. 122.8 crore).

Underscoring its commitment to the 3G network, Idea said it is aggressively expanding its 3G footprint and currently covers over 825 towns in 15 service areas, which includes bilateral roaming arrangement for the service areas of Mumbai, Bihar, Karnataka, Delhi, Kolkata and Tamil Nadu (Including Chennai), with leading operators. The company aims to reach to 3,000 towns across India by the end of this financial year, through a combination of home network and roaming arrangements.

Idea said the Mobile Number Portability has helped the company in its subscriber base and said that as on July 24, 2011, it made a net gain of over 930,000 subscribers via MNP.

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