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Idea Cellular ARPU At Rs 159; M-VAS Revenue Contribution Up At 13.7%

The contribution of Mobile Value Added Services (including P2P SMS and mobile data) to Idea Cellular‘s service revenues has increased quarter-on-quarter to 13.7% of total, for the three month period ending 31st December 2011 (Q3-FY12). This is higher than the 13.2% of service revenue reported last quarter, and particularly impressive, given that the company’s gross revenue increased to Rs 5030.8 crore, from Rs 4619.9 crore last quarter. However, there is no indication from the company, of how much of this growth has been driven by mobile data services. Interestingly, mobile ARPU for the company also increased to Rs 159, from Rs 155 at the end of the last quarter.

Idea claims to have 14% revenue market share in India.

Some operational updates:

– Average minutes of use: 369, up fro 364 last quarter, and 391 the the quarter before.
– Average Realization per minute (ARPM): increased to Rs 0.0433 from Rs 0.427 the last quarter, and Rs 0.410 the quarter before.
– MNP: claims a net gain of 2.2 million customers (as on 14th January, 2012) from other existing operators.
– Minutes of Use: the total number of minutes on network increased 7.3% to 113.96 billion from 106.2 billion. This is the highest minutes of use for Idea Cellular in the last five quarters.
– Connection base: grew to 106.4 million. As of 31st December 2011, Idea claims to have over 92.3% of reported subscribers as VLR subscribers (active), which is highest in the industry. In addition, it says that it added 7.5 million net VLR subscribers during the quarter Q3-FY12 against 3.2 million in Q2-FY12.
– Prepaid subscribers: 96.6% of total, marginally up
– Cell sites: 10,902 3G cell sites, up from 9744. 80,637 2G cell sites, up quarter on quarter from 78,367.
– Churn: 10.7% blended churn, with prepaid churn at 10.7% and postpaid churn at 2.9%

Idea claims that its 3G services are available across 2,300 towns in 20 service areas (including roaming arrangements) in India. This quarter company introduced affordable Idea branded 3G Smart-phones starting from Rs. 5,850 onwards, trying to transition its subscribers to high speed data.

Financials

Sequentially, consolidated profit for Idea increased to Rs 200.98 crore from Rs 105.8 crore last quarter, while gross revenue increased to Rs 5030.82 crore from Rs 4619.9 crore last quarter. Mobility segment revenues were Rs 4992.40 crore, Long distance telephony revenues were Rs 63.73 crore.

On a standalone basis, profit after tax for the quarter stands at Rs 168.7 crore, up from Rs 79.3 crore last quarter. It reported revenues of Rs  5065.2 crore, up from Rs 4655.4 last quarter.

On an Year-on-Year basis, absolute EBITDA has grown to Rs 1198.6 crore (Q3FY12) in comparison to Rs 8,21.4 crore (Q3FY11).

However, the standalone YTD (Year To Date) Q3FY12 Profit After Tax of Rs 402 crore has declined inspite of revenue growth, compared to YTD Q3FY11 PAT of Rs 580.2 million, primarily on account of higher depreciation & amortisation and interest & financing cost with respect to.3G investments, and higher provision for deferred tax.

The company says its standalone EBITDA margin improved by 1.2% on a QoQ basis to 23.7%, primarily due to growth in revenue which was led by seasonal return of minute’s growth to 114 billion, a growth of
7.3%, compared to Q2FY12

The Net Debt for the company stands at Rs 11,570 crore as on December 2011, and the Net Debt – Equity ratio is at 0.91.

Downloads: Media Release | Financials | Quarterly Report | Concall invite

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