India's Idea Cellular Doubles 9 Month Net Profit

India's Idea Cellular has reported that it ended the third quarter of its financial year (last quarter of 2007) with a subscriber base of 21.05 million, adding 2.38 million subscribers during the quarter. In its current 11 service areas of operation, Idea increased its subscriber market share from 15.6% at the end of Sep 07, to 15.8% at the end of Dec 07.

The consolidated revenues for the quarter ended Dec 31, 2007 of Rs. 17103 million (US$435.2 million) grew by 48%, and EBITDA of Rs. 5694 million (US$114.9 million) grew by 51%, on a year on year basis. The net profit for the quarter ended December 31, 2007 was Rs 2368 mn (US$60 million), a growth of 108% over the same quarter last year.

The consolidated revenues grew by 9.3% when compared to the previous quarter ended September 30, 2007, while EBITDA grew by 11%.

The company also confirmed that it recently received the spectrum to launch operations in the Mumbai and Bihar service areas in addition to receipt of spectrum in the remaining districts in Rajasthan & Uttar Pradesh (East).

Posted to the site on 21st January 2008