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Updated: Vodafone India Had 31.2M Data Subs At End Of Q3-FY12; Service Revenue Increases 6.3% YoY

Vodafone‘s India services revenues for the quarter ended 31st December 2011, was at GBP 1024 million, a growth of 6.3% YoY. Note that Vodafone’s financial report as well as presentation slides mention a 20% YoY growth in service revenues, citing organic growth related to performance on a comparable basis, both in terms of merger and acquisition activity and movements in foreign exchange rates. According to the company this growth was on account of increase in the customer base, continued growth in incoming and outgoing voice minutes and a 46.4% growth in data revenue. Revenue from voice services decreased quarter on quarter to GBP 790 million. The effective rate per minute increased slightly compared to Q2 following the penetration of recent price rises into the customer base.

There was a major quarterly decline in messaging revenue, which is unusual since the quarter covered the festive season – Messaging revenue was at GBP49 million, a decline of 22.2% compared to last quarter’s revenue of GBP 63 million. The company’s data revenue also declined to GBP 83 million, down 6.7% QoQ. Messaging and data contributed around 13% to the company’s service revenue. The company has stated that it had 31.2 million data customers at the end of 31st December 2011, up 2.3 times year on year. 3G was available to Vodafone customers in 683 towns and cities across 20 circles at the end of the quarter.

– ARPU: Vodafone India’s (blended) ARPU increased quarter on quarter at Rs 173 from Rs 168 in the previous quarter.

– PostPaid: Postpaid ARPU marginally decreased to Rs 738 quarter on quarter, from 742. Prepaid ARPU picked up from Rs 140 to Rs 145 during the quarter.

– Churn: Postpaid churn decreased to 20.7%, while prepaid churn grew to 71.6%. Please keep in mind that Vodafone accounts for churn over four consecutive quarters.

– Minutes of Use: increased to 133.2  billion from 127.77 billion, even though there was a price hike.

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Tax Case: On 20 January 2012 the Group received a favourable judgment from the Indian Supreme Court in respect of the tax case regarding the acquisition of Vodafone India Limited in 2007. The Court concluded that Vodafone had no liability to account for withholding tax on its acquisition of interests in Hutchison Essar Limited (now Vodafone India Limited) in 2007.

– Piramal increased share holding: On 4 February 2012 the Group announced that Piramal Healthcare (‘Piramal’) had agreed to purchase approximately 5.5% of the issued equity share capital of Vodafone India Limited (‘VIL’) from ETHL Communications Holdings Limited for a cash consideration of approximately INR 30.1 billion (£385 million) taking Piramal’s total shareholding in VIL to approximately 11%.

Downloads: Press Release | Presentation | Spreadsheet

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