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Idea Cellular Ltd., a part of the $24 billion Aditya Birla Group and India’s leading GSM mobile services operator, announced financial results for the first-quarter, reporting lower net profit, both on consolidated and stand-alone basis.

Idea said it opened the first-quarter of the new fiscal year with a 13% Q-o-Q growth of Minutes on Network, on the back of similar percentage growth in the preceding two quarters, demonstrating the burgeoning size of the company’s operations. Hyper-competitive market conditions caused a 5.4% decline in the average realized rate to Re.0.44 per minute, in spite of which, revenue was up 11.8% Q-o-Q.

Consolidated Results

Gandhi Nagar-based company posted first-quarter consolidated net profit of Rs.201.40 crore or Re.0.61 per share, 32% lower than by Rs.297.06 crore or Re.0.96 in the first-quarter of 2009. Net profit and earnings per share dropped by 32% and 36% respectively.

The company’s quarterly net revenue, including other operating income, amounted to Rs.3,653.70 crore, up by 23% from the Rs.2,975.90 crore in the corresponding quarter last year.

Stand-alone Results

On a stand-alone basis, the company’s net profit was Rs.201.64 crore, 37% lower than by Rs.321.13 crore in the year-ago quarter. On a per share basis, earnings per share fell 36% to Re.0.61 from Re.0.96 in the corresponding quarter last year.

Its quarterly net revenue, including other operating income, amounted to Rs.3,626.41 crore, up by 28% from the Rs.2,830.11 crore in the corresponding quarter last year. At the BSE, Idea Cellular closed Thursday’s trading at Rs.65.40, up by Re.0.70 or 1.08% on a volume of 13,72,000 shares. The scrip hit an intraday high of Rs.65.65 and a low of Rs.63.

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This post was submitted by komal.