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MTS India Data Card Base At 1.07M; Non-Voice Revenues Up 32% QoQ In Q3-2011

 

Sistema Shyam Teleservices (MTS India) has reported a data card subscriber base of 1.07 million for the quarter ended 30th June 2011 (Q2-11), up 30% (around 250,000; the highest in a quarter so far) from the 0.82 million it reported at the end of September 2011. Non-voice revenues, which include both data and mobile VAS revenues, were up 32% quarter on quarter to Rs 105.2 crore, now contributing 32% of total revenue, probably the highest among telecom operators. The contribution of these segments has increased by 3.4 percentage points for the quarter, according to the company:

Need To Know

– Blended ARPU: After three quarters around the Rs 82 mark, blended mobile ARPU for the quarter increased to Rs 85. This is a reversal as well, because prior to this, there was a declining trend in ARPU. Note that MTS hasn’t reported data card ARPU separately. For December 2010, it had reported a Data Card ARPU of Rs. 274.

– Mobile Subscriber base: SSTL’s mobile connection base increased by 13% quarter-on-quarter and reached 13.27 million connections as of 30th September, 2011. The company says that its growth in connection base was largely driven by further strengthening of the distribution network, an increase in its retail universe across India and increased contribution from newly launched circles.

– Minutes of Use: Mobile subscribers’ minutes of use for Q3-2011 declined to 291 minutes, from 294 minutes in Q2-2011. This needs to be seen in the context of an increase in ARPU as well, which suggests that MTS improved monetization of its minutes; company says that the decline in MoU was mainly because of the decreasing share of free on-net minutes and also due to seasonal dip in the subscriber’s activity, but doesn’t mention anything on increase in rates or reduction in free minutes on offer to subscribers.

Financials:

– Consolidated revenues increased by 18% quarter on quarter to Rs 328.2 crore. Interestingly, the company points out that revenues are growing faster than their wireless subscriber base subscriber base, which was up by 13% to 13.27 million.

– OIBDA: SSTL reported an OIBDA loss of Rs 458.4 crore for Q3 2011, with OIBDA margins up 7.7% up quarter on quarter.

– SSTL’s says its bottom line was impacted by increased forex charges, owing to the depreciation of the Rupee against the dollar and other currencies, “thus resulting in increased forex charges on long term Foreign Currency denominated loans.” SSTL’s consolidated debt from banks and financial institutions at the end of Q3-2011 stands at Rs 6860 crore.

– “The CAPEX investments made by SSTL in India at the end of Q3 2011 stands at Rs 6243 crore, including Rs 161.7 crore invested during Q3-2011.

Financials:

– Revenues: Rs 278.2 crore, up 22% quarter on quarter. The revenue growth, the company says, was driven by 131% increase in subscriber base over Q2-10.

– Operating Income Before Depreciation and Amortization (OIBDA): loss of Rs 410.1 crore for Q2 2011.

– CAPEX: Rs 6080 crore till date. This includes the investment of Rs 252.7 crore made during Q2 2011.

– Debt: Consolidated debt from banks and financial institutions now stands at Rs 5736.7 crore.

Download: Release / Presentation

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