For the first time, telecom major Vodafone the financial results of its Indian operations separately on Tuesday ahead of an anticipated IPO, showing Rs.32,564 crore revenue and Rs.8,549 crore in operating profit.
The operating profit rose 21.6% from a year ago as subscriber-base crossed 150 million in the country, the company said, adding voice service revenues jumped 15.4% , and messaging and data revenues rose 29.9% and 50.8% respectively.
The company said on Tuesday that it is planning an initial public offer in India, but refused to share details on its size or timing.
The company said that it has a gross debt of Rs. 33,700 crore, and a tax claim of more than Rs. 10,000 crore from the Indian government.
Vodafone India CEO Marin Pieters said the economic environment is deteriorating, making India economically unattractive for telecom operators. He felt there is a need for consolidation in the telecom sector in the country.