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Mumbai, July 24 Idea Cellular Ltd said its first quarter net profit increased more than five fold from a year ago.

Net profit for the quarter amounted to Rs 193 crore, against Rs 30 crore in the corresponding year-ago quarter. Revenues rose by 52 per cent to Rs 908 crore against Rs 597 crore. On a consolidated basis, its net profit more than tripled to Rs 308 crore from Rs 85 crore a year ago. Total revenues rose by 64 per cent at Rs 1,477 crore (Rs 902 crore). Consolidated EBITDA was 69 per cent higher at Rs 513 crore.

The results were also plumped by not only an increase in subscriber base but also by investment income and forex gains for the quarter that amounted to Rs 78.8 crore (Rs 1 crore in the year-ago quarter) and Rs 20.8 crore, respectively.

The board of directors of Idea approved the formation of a wholly owned subsidiary for “possible transfer” of the passive infrastructure of the company. Idea shares rose by 0.49 per cent on the BSE on Tuesday, closing at Rs 133.4

More Stories on : Telecommunications | Financial Performance

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