Idea Q1 net down 12% | business | Hindustan Times
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Idea Q1 net down 12%

business Updated: Jul 29, 2011 21:37 IST
HT Correspondent

Telecom major Idea Cellular, part of the cement-to-retail conglomerate Aditya Birla Group led by Kumar Mangalam Birla, reported a 12% drop in its consolidated net profit at Rs 177 crore despite a 24% growth in consolidated net revenue at Rs 4,521 crore for the first quarter of the financial year 2011-12.

Introduction of 3G services in the quarter, additional expenses on 3G spectrum fee and interest costs hit profits, said the company.

A fee of Rs 65.6 crore was amortised and interest cost accounted for Rs 122.8 crore during the quarter. Idea is expanding its 3G footprint which currently covers 825 towns in 15 service areas. Idea said it stays committed to reach 3,000 towns across India by the fiscal end. Idea has a net gain of over 930,000 subscriber, as on July 24, with respect to number portability.