Idea Cellular Q2 profit falls 88% amid fierce competition
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Mumbai: India’s third-largest telecoms operator, Idea Cellular Ltd, on Monday posted an 88% 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 Rs91.46 crore ($13.68 million) in the quarter ended 30 September, compared with Rs762 crore a year ago, the company said in a statement.
The profit missed an average estimate of Rs155 crore from 13 analysts polled by Thomson Reuters I/B/E/S.
Revenue dropped 7% to Rs9,299 crore. Reuters