Idea Cellular slips seven pct after posting loss of Rs. 385 crore in Q3

New Delhi [India], Feb 13 : Mobile network operator Idea Cellular's shares on Monday plunged 7.5 percent in the early traded after the company posted a net loss in the quarter ended December 2016.

The operator had posted a consolidated loss of Rs. 385.6 crore in the quarter ended December 2016 against profit of Rs. 90.04 crore in previous quarter, impacted by demonetisation and Reliance Jio's free offerings that have been extended till March 31, 2017.

The company reported a loss of Rs. 478.9 crore in Q3FY17 on standalone basis, for the first time in 40 quarters since its IPO in 2007.

It reported consolidated revenue during the quarter fell 6.9 percent to Rs. 8,662.7 crore compared with Rs. 9,300.24 crore in previous quarter.

The operating profit slipped 10.4 percent quarter-on-quarter to Rs. 2,165.4 crore and margin contracted by 100 basis points to 25 percent in the quarter ended December 2016.

The data average revenue per user during the quarter fell to Rs. 111 against Rs 130 in Q2FY17.

During the quarter, Idea capex spend was Rs 2,000 crore, partially funded by cash profit of Rs 1,230 crore. Net debt as of December 2016 stood at Rs 49,140 crore. (ANI)