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MTS India Data Card Base At 1.73M; Non-Voice Revenue Up 3.9% QoQ In Q2 2012

Sistema Shyam Teleservices (MTS India) has reported consolidated revenues for the second quarter of  2012. The company reported that the total wireless (Voice & Data) subscriber base for the quarter grew by 4.9% to 16.60 million.

SSTL’s data card subscriber base for the quarter increased by 11.8% to 1.73 million subscribers. It added 0.18 million data card subscribers during the quarter. Non-voice revenues which include both data and VAS revenues, were up by 3.9% quarter on quarter to Rs 148.4 crore (USD 27.4 million). It should be noted that non-voice revenue now contributes 35.5% to the total revenue of the company.

SSTL on 4th May 2012 filed a Curative petition in the Supreme Court, following the cancellation of its licences in February. The company claims that being a pure CDMA player, its legal case is significantly different compared to the other mobile operators. For example, there is no finding or suggestion by the CAG report that CDMA spectrum was equally or anywhere near in demand as GSM back in 2008. The Company is hopeful that the highest court of the land will look into the merits of SSTL’s Case and will provide company justice. MTS India recently announced that it would discontinue its investment in voice business.

Sistema JSFC, the majority shareholder in SSTL, had invoked its right under the Bilateral Investment Treaty (BIT) between India and Russia, after the decision made by the Supreme Court.

Need to know

– Consolidated revenues up by 2.6% Q-o-Q to Rs 417.7 crore (USD 77 million). Total wireless (Voice & Data) subscriber base for the quarter grew by 4.9% to 16.60 million.

– The company has been able to raise Rs 500 crores from banks during the quarter.

Data and VAS Revenue: Non-voice revenues from both data and mobile VAS for the quarter up by 3.9% Q-o-Q to Rs 148.4 crore (USD 27.4 million), which now contributes 35.5% of total revenue.

– Blended ARPU: Blended mobile ARPU for the quarter declined by 2.3% to Rs 83.

– Data Card: SSTL’s data card subscriber base for the quarter up by 11.8% to 1.73 million subscribers. SSTL added 0.18 million data card subscribers during the quarter.

– Mobile Subscriber Base: SSTL’s mobile subscriber base increased by 4.9% quarter-on-quarter and reached 16.60 million customers as of June 30th, 2012.

– Minutes of Use: SSTL’s mobile subscribers’ MoU for Q2 2012 declined to 281 min vs. 296 min in Q1 2012. SSTL’s subscriber market share increased to 1.77% in Q2 2012 (vs. 1.72% in Q1 2012).

– MTS launched three Smartphones; MTS MTag 351, MTS MTag 352 & MTS MTag 281, all under Rs 8,000. The latest launch is in line with MTS’ strategy to offer greater choice to CDMA Smartphone customers. MTS subscribers can now choose from an expanded portfolio of 8 smartphones.

– Financials

– Revenues:  Consolidated revenues up by 2.6% Q-o-Q to Rs 417.7 crore (USD 77 million). Total wireless (Voice & Data) subscriber base for the quarter grew by 4.9% to 16.60 million.

– Operating Income Before Depreciation and Amortization (OIBDA): Consolidated OIBDA loss for the quarter stands at Rs 450.9 crore (USD 83.8 mn). OIBDA margins improved 39 p.p. Y-o-Y.

– Capex: The CAPEX investments made by SSTL in India at the end of 30the June 2012 stands at Rs 6535 crore. Accumulated losses of SSTL as on 30th June 2012 aggregated to Rs 9606 crore.

– Debt: Consolidated debt from banks and financial institutions at the end of 30th June 2012 stands at Rs 9296 crore.

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