Idea reports nearly 100% jump in quarterly net profit

Idea reports nearly 100% jump in quarterly net profitCellular network provider Idea on Thursday announced a year-on-year increase of nearly 100 per cent in its consolidated net profit for the first quarter of current financial year, thanks to strong growth in voice and mobile data business.

The company announced that its consolidated net profit jumped to Rs 462.71 crore in the April-June quarter of 2013, from Rs 234.14 crore in the corresponding period of the previous year.

Minutes of voice calls grew 12.5 per cent year-on-year to 147.3 billion during the three months, driven by addition of 7.8 million new customers.

The network provider said in a statement, "The multiple drivers of this sharp profitable growth have been robust voice and mobile data revenue coupled with scale benefits and better cost management."

Consolidated revenues jumped 19 per cent, from Rs 5,503.69 crore in the April-June quarter of 2013 to Rs 6,538.77 crore in the same quarter of this year.

The company also managed to drag its interest & finance costs (net) down by Rs 9.5 crore; while its net debt slipped from Rs 11,588.1 crore in the fourth quarter of FY2012-13 to Rs 10,219.9 crore in first quarter of current financial year.

Idea also announced its plan to raise up to Rs 37.50 billion ($621M) by selling shares, which on Thursday closed at Rs 167.35 apiece, down nearly 1 per cent on the Bombay Stock Exchange.

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