Idea Cellular posts lower net profit in Q1 FY 11
Idea Cellular today announced a lower consolidated net profit of Rs 201.4 crore in Q1 FY 11 as compared to Rs 297.1 crore in the corresponding period last year.india Updated: Jul 22, 2010 22:10 IST
Idea Cellular on Thursday announced a lower consolidated net profit of Rs 201.4 crore in Q1 FY 11 as compared to Rs 297.1 crore in the corresponding period last year.
"The competition in the industry has hurt average price realisation in Q1. Hyper competitive market conditions caused a 5.4 per cent decline in the average realised rate (APR) to 44 paise per minute," Idea Cellular’s Managing Director, Sanjeev Aga, told reporters.
The company’s consolidated net sales were up at Rs 3,653.7 crore as compared to Rs 2,975 crore on a quarter on quarter (QoQ) basis.
Figures for the current period are not comparable with that of the corresponding period due to the merger of Spice Communications Ltd. effective March 1, 2010.
On a stand alone basis, the company’s revenue stood at Rs 3,689 crore and net profit at Rs 196.4 crore in Q1 FY 11. The company has earned a cash profit of Rs 721.3 crore in Q1 FY 11.