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Idea Cellular Q2 Profit Slumps Amid Fierce Competition

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Idea Cellular Q2 Profit Slumps Amid Fierce Competition

Idea posted a consolidated net profit of Rs 91.46 crore in Q2.


Mumbai: Idea Cellular Ltd, India's third largest telecoms operator, on Monday posted an 88 per cent slump in second quarter profit, as revenue fell on cheaper voice and data plans rolled out to counter new competition.

Idea posted a consolidated net profit of Rs 91.46 crore ($13.68 million) in the quarter ended September 30, compared with Rs 762 crore a year ago, the company said in a statement.

The profit missed an average estimate of Rs 155 crore from 13 analysts polled by Thomson Reuters.

Revenue dropped 7 per cent to Rs 9,299 crore.

($1 = Rs 66.8499)
© Thomson Reuters 2016


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