Idea Cellular announces un-audited results for the
third quarter (Q3) and nine months ended December 31,
2011
Highlights - Q1 FY12 over Q4 FY11 | |||
Idea - Standalone 1 | Revenue Rs. 50,652mn | EBITDA Rs. 11,986mn | PAT Rs. 1,687mn |
Idea - Consolidated 2 | Revenue Rs. 50,308mn | EBITDA Rs. 13,446mn | PAT Rs. 2,010mn |
INR mn | ||||||||
Idea standalone1 | Idea consolidated 2 | |||||||
Q3 FY12 | Q2FY12 |
YTD Q3 |
YTD Q3 FY11 | Q3 FY12 | Q2 FY12 |
YTD Q3 |
YTD Q3 FY11 | |
Revenues - established services areas 3 | 45,144 | 41,579 | 127,469 | 103,281 | ||||
Revenues - new services areas 4 | 5,508 | 4,975 | 15,296 | 10,408 | ||||
Total revenue | 50,652 | 46,554 | 142,765 | 113,689 | 50,308 | 46,199 | 141,714 | 112,685 |
EBITDA - established services areas 3 | 13,708 | 12,212 | 37,984 | 27,981 | ||||
EBITDA - new services areas 4 | (1,722) | (1,776) | (4,895) | (4,213) | ||||
Total EBITDA | 11,986 | 10,436 | 33,089 | 23,768 | 13,446 | 11,866 | 37,352 | 27,155 |
EBITDA% - Established Service Areas 3 | 30.4% | 29.4% | 29.8% | 27.1% | ||||
EBITDA% - New Service Areas 4 | -31.3% | -35.7% | -32.0% | -40.5% | ||||
Total EBITDA% | 23.7% | 22.4% | 23.2% | 20.9% | 26.7% | 25.7% | 26.4% | 24.1% |
Depreciation & Amortisation | 6,952 | 6,726 | 20,067 | 15,787 | 7,575 | 7,369 | 21,970 | 17,401 |
EBIT | 5,035 | 3,710 | 13,022 | 7,981 | 5,871 | 4,498 | 15,383 | 9,753 |
Interest and Financing Cost (Net) | 2,527 | 2,538 | 7,126 | 2,003 | 2,880 | 2,939 | 8,283 | 3,111 |
PBT | 2,508 | 1,171 | 5,896 | 5,978 | 2,991 | 1,559 | 7,100 | 6,643 |
PAT | 1,687 | 793 | 4,020 | 5,802 | 2,010 | 1,058 | 4,840 | 6,242 |
Cash profit 5 | 9,452 | 7,884 | 25,945 | 21,868 | 10,558 | 8,913 | 29,052 | 24,147 |
While 8.8 per cent sequential quarterly revenue growth brings
back cheers to the company, the business outlook remains a
paradox, a combination of tailwinds with strong customer
traction and headwinds emerging from uncertain regulatory
interventions and macro-economic environment.
This quarter, strong revenue growth is primarily led by
seasonal return of minute's growth to 114 billion, a
growth of 7.3 per cent, compared to Q2FY12. The minutes
volume expansion was supported by high 7.5 million net VLR
subscriber additions during Q3FY12 against 3.2 million in
Q2FY12. Idea continues its unblemished record of highest
active subscriber ratio of 92.3 per cent as per TRAI
(November 2011). The 106.4 million quality subscribers
provide it the platform for accelerated future growth in
voice, VAS and wireless broadband and related telecom
services.
The company maintains the upward trend of Average Realisation
Per Minute (ARPM) from 42.7p in Q2FY12 to 43.3p in Q3FY12.
ARPM improvement was led by higher VAS contribution (13.2 per
cent in Q2FY12 to 13.7 per cent in Q3FY12) and roaming
revenue, while voice rate realisation remained flat.
The revenue growth has translated into EBITDA margin
improvement by 1.2 per cent over previous quarter, @ 23.7 per
cent. On a Y-o-Y basis absolute EBITDA has grown to Rs.
11,986 million (Q3FY12) in comparison to Rs. 8,214 million
(Q3FY11).
However, the standalone YTD Q3FY12 PAT of Rs. 4,020 million
has declined inspite of revenue growth, compared to YTD
Q3FY11 PAT of Rs. 5,802 million, primarily on account of
higher depreciation and amortisation and interest and
financing cost with respect to 3G investments, and higher
provision for deferred tax. The Q3FY12 standalone PAT is Rs.
1,687 million and the cash profit of Rs. 9,452 million
registered a growth of 19.9 per cent on Q-o-Q basis.
Company's 3G investment plans are on track and high speed
broadband services are now available across 2,300 towns in 20
service areas (including roaming arrangements) in India. This
quarter company introduced affordable Idea branded 3G
smart-phones starting from Rs. 5,850 onwards thereby helping
Idea's 106 million subscribers to move to the new
exciting digital age.
Company has improved its competitive standing to 14 per cent
revenue market share and extended its MNP leadership with net
gain of 2.2 million customers (as on 14 January, 2012) from
other existing operators.
The company is confident to overcome the current uncertain
regulatory phase, emerge stronger, consolidate its position
in telecom voice market and participate aggressively in
evolving wireless broadband business.
Notes:
- Idea Standalone represents Idea, and its 100 per cent subsidiaries. Effectively, this encompasses all operations, excluding the joint venture i.e. Indus.
- Idea Consolidated represents Idea Standalone and proportionate consolidation of Indus (@16 per cent).
- Established Service Areas represent 13 service areas namely Maharashtra and Goa, Gujarat, Andhra Pradesh, Madhya Pradesh and Chhattisgarh, Delhi, Kerala, Haryana, Uttar Pradesh West and Uttaranchal, Uttar Pradesh East, Rajasthan and Himachal Pradesh, Punjab and Karnataka service areas.
- New Service Areas represent nine service areas of Mumbai, Bihar, Orissa, Tamil Nadu, Jammu & Kashmir, Kolkata, West Bengal, Assam and North East.
- Cash profit is calculated as summation of PAT, Depreciation and Amortisation, charge on account of ESOPs and Deferred tax, for the relevant period.
- Figures for past periods have been regrouped, wherever necessary.
- The Hon'ble High Court of Delhi on 4 July 2011 has reaffirmed its order dated 5 February 2010 sanctioning the Scheme of Amalgamation of Spice Communications Limited (Spice) with the Company. However the judgment transferred and vested unto the DoT, the six telecom licenses granted to erstwhile Spice along with the spectrum (including two operational licenses for Punjab and Karnataka service areas) till the time permission of DoT is granted for transfer thereof upon an application from the Company to that effect. Meanwhile, through interim orders, Appellate Bench had earlier directed DoT to accept the License Fee from the Company without prejudice, as the Company is continuing to operate the licenses for Punjab & Karnataka service areas granted to erstwhile Spice; maintain status quo in relation to the aforesaid two operating licenses and no coercive steps in relation to any demand pertaining to the four non operating licenses. The matter remains subjudice at the High Court. The financial results therefore continue to include the results of Punjab and Karnataka service areas.
- The company has challenged, along with other Telecom Operators, order of DoT dated 23 December 2011, ordering telecom operators to stop provision of services under 3G Intra Circle Roaming Agreements where it has not won 3G spectrum. The Hon'ble TDSAT has passed a "no coercive action" order till the next date of hearing.
About Idea Cellular Ltd.
Idea Cellular is the third largest wireless operator in India
with a Revenue Market Share of 14.0 per cent (Q2FY12). Idea
is listed on the National Stock Exchange (NSE), and the
Bombay Stock Exchange (BSE) in India.
Idea is part of the Aditya Birla Group, India's first
truly multinational group. The group operates in 36
countries, is anchored by an extraordinary force of over
133,000 employees belonging to 42 nationalities, and derives
over 60 per cent of its revenues from operations outside
India.
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