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Idea Cellular Q2 Profit Slumps Amid Fierce Competition

Idea posted a consolidated net profit of Rs 914.6 million ($13.68 million) in the quarter ended September 30, compared with Rs 7.62 billion a year ago

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India's third-largest telecoms operator, Idea Cellular Ltd, on Monday (24 October) posted an 88 percent 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 914.6 million ($13.68 million) in the quarter ended September 30, compared with Rs 7.62 billion a year ago, the company said in a statement.

The profit beat an average estimate of 1.55 billion rupees from 13 analysts polled by Thomson Reuters I/B/E/S.

Revenue dropped 7 per cent to Rs 92.99 billion.

(Reuters)


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