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Uninor Q2-2012 Concall: On Restructuring Operations; 2G Auctions; Scaling Down Ops

Uninor reported revenues of NOK 1034 million (Rs 9.51 billion) for the quarter ended June 30, 2012, an 8% QoQ increase in local currency and 66% YoY increase in local currency. It also reported an EBITDA loss of NOK 625 million for the quarter, which is slightly higher than NOK 622 million (Rs 5.72 billion) reported in the previous quarter. Here are some notes from the concall: -  CEO & President Jon Fredrik Baksaas said that he was impressed by the work of Uninor management, despite the present challenging regulatory conditions. During the quarter, Uninor witnessed growth both in terms of customers (2.2 million customers) and in terms of revenues in the Indian market. Uninor took 18% of the net additions in the month of May to garner 4.85% market share in India. - Uninor is reducing the operational cost base because of which the operational losses are gradually reducing as well. However due to high regulatory uncertainties, the company has decided to not take any investment in Uninor during this quarter as Capex and instead expense it in the profit and loss statement. Therefore it will be showing weaker EBITDA development during the quarter, compared to previous quarters. The company has expensed around NOK 100 million in Profit and loss. - Jon Fredrik Baksaas said that with the regulator uncertainty and unclear timing and framework of 2G auctions, the company has decided to restructure its operations to focus on the nine best performing circles to reduce the risk going forward and reduce the cost levels. He claimed that some of these…

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