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Idea Cellular Q2 profit slumps amid fierce competition | Reuters

 Idea Cellular Q2 profit slumps amid fierce competition
| Reuters

MUMBAI India's third-largest telecoms operator, Idea Cellular Ltd, on Monday posted an 88 percent slump in second-quarter profit due to higher finance costs.Idea posted a consolidated net profit of 914.6 million rupees ($13.68 million) in the quarter ended Sept. 30, compared with 7.62 billion rupees a year ago, the company said in a statement.The profit missed an average estimate of 1.55 billion rupees from 13 analysts polled by Thomson Reuters I/B/E/S.

Revenue rose 7 percent to 92.99 billion rupees, and finance charges more than tripled to 10.04 billion.

($1 = 66.8499 Indian rupees)

(Reporting by Sankalp Phartiyal; Editing by Edwina Gibbs and Amrutha Gayathri)

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Updated Date: Oct 24, 2016 22:45:06 IST