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Q3-09: Idea Cellular Mobility PBT Down 3%; Non-Compete Payment To Spice; VAS

q309 idea cellular vas

Idea Cellular has posted a 3 percent drop in profit before tax in the mobility segment from Rs 2992.8 million last quarter to Rs 2901.6 million in Q3. The operator has seen a 19 percent rise in revenues to Rs 27364.3 million from Rs 22922 million last quarter.The company has been allocated spectrum in Kolkata, Assam, North-East and Jammu & Kashmir circles in December 2008 and for West Bengal in January 2009. Spice Deal Idea Cellular's stake in Spice has risen to 41.09 percent with the successful acquisition of 20 percent equity stake from public shareholders and purchase of 281,489,350 equity shares held by MCorp, which represented 40.8 percent of the total paid up equity capital of Spice. The operator plans to merge with Spice and is holding back roll outs of its network in Punjab and Karnataka where Spice was operating. Idea has licenses for these two circles and is carrying them at cost with plans to demerge them and begin a separate independent entity. Idea has also paid a non-compete fee of Rs. 5439.8 million to MCorp in July 2008 as a part of the acquisition which will last for three years. It has filed a request with the stock exchange to adjust the fees against the balance in the Securities Premium Account and amortisation of the non-compete fee amounting to Rs. 459.6 million for the current quarter was not performed. As a fund raising move, Aditya Birla Telecom Ltd (ABTL) has issued 19,25,000 Compulsory Convertible Preference Shares…

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