Idea Cellular, India's third-largest mobile phone carrier by revenue, reported a 13 percent fall in quarterly profit in line with estimates on higher interest costs. Total income of the company rose to Rs 5,370 crore against CNBC- TV 18 expectations of Rs 5300 crore.
Idea, part of the Aditya Birla conglomerate, said consolidated net profit fell to Rs 240 crore for its fiscal fourth quarter ended March, from Rs 275 crore reported a year earlier.
Analysts in a Reuters poll of 19 brokerages had on average expected a net profit of 2.41 billion rupees for Idea, India's fourth-ranked in terms of subscribers. The company had about 113 million mobile customers as of March.
Malaysia's Axiata owns about a fifth of Idea.
Meanwhile the stock closed up higher at Rs 83.3 per share, up 4 percent from the previous day close. During the March quarter, Foreign investors increased their stake in the company to 15.26 percent from 13.43 percent in the December quarter. However, domestic institutions decreased their stake to 6.2 percent from 7.56 percent earlier.
View the press release here.
(With inputs from Reuters)