Idea Cellular Q2 net profit surges, beats estimates

Last Updated: Thu, Oct 24, 2013 11:52 hrs

Idea Cellular Ltd, India's third-biggest mobile phone carrier by revenue, said on Thursday its quarterly net profit surged 86 percent after it was able to raise call prices in the world's second-biggest mobile phone market.

Idea, part of the metals-to-financials Aditya Birla conglomerate, said consolidated net profit rose to 4.48 billion rupees for its fiscal second quarter to September 30, from 2.41 billion rupees a year earlier.

Analysts on average expected the company, nearly a fifth owned by Malaysia's Axiata, to report a net profit of 4.22 billion rupees.

Bigger Indian phone carriers such as Bharti Airtel Ltd, Vodafone Group Plc's local unit and Idea have cut discounts and raised some call prices this year after several of their smaller rivals were forced to exit or scale back by a court order on a massive licensing scandal.

($1 = 61.6000 rupees)

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