London: The world’s largest mobile phone company, Vodafone Group Plc posted a 2.9% rise in first-half operating profit. Vodafone Essar Ltd, its Indian unit, saw revenue increase by 26% in the six months ended September, but operating profit rose 6.6% due to tough competition.
Earnings before interest, taxes, depreciation and amortization for Vodafone Group rose to £7.46 billion (Rs57,815 crore), from £7.24 billion a year earlier. But its share fell 2.6% as European operations fared worse than analysts had predicted.
Revenue at Vodafone Essar was £1.49 billion, against £1.18 billion a year ago, Vodafone said on Tuesday. It said a fall in call rates, a cut in termination charges and lower usage per customer partially offset growth in the customers. “Following the recent launches of a number of new entrants, competition in the Indian market is intense and will remain so for some time,” Vodafone said in a statement.
Vodafone has a 67% stake in Vodafone Essar, with the remaining 33% held by Essar Group.
Reuters contributed to this story.