Idea Cellular’s net doubles

Idea Cellular’s net doubles

India’s sixth largest wireless telecom firm, Idea Cellular Ltd, said on Thursday that its quarterly net profit doubled as its user base expanded in the world’s fastest growing wireless market.

Idea, part of conglomerate Aditya Birla Group, said its net profit for the September quarter jumped to Rs220 crore from Rs110 crore a year earlier.

Total revenue in its fiscal second quarter rose to Rs1,564 crore from Rs1,013 crore a year earlier, it said. Idea, which operates in 11 of India’s 23 telecom zones and has licences for two more, said it added 2.55 million subscribers during the quarter, lifting its subscriber base to 18.67 million.

It had said last month that its board had approved a proposal to spin off its telecom towers business into a subsidiary, following the footsteps of its larger rivals Bharti Airtel Ltd and Reliance Communications Ltd.

Ahead of the results, shares of Idea Cellular closed 3.7% up at Rs152 on the Bombay Stock Exchange, whose benchmark index, Sensex, closed 1.4% higher.