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Vodafone India Q4-FY14 revenues up 11% to £1.04 Bn; ARPU at Rs 192


In the quarter where Vodafone completed the buyout of its Indian arm, it reported India service revenue of £1.04 billion for the quarter ended March 31, 2014, registering an 11% growth from £937 million in the previous quarter and a 22.1% growth from £848 million in the same quarter last year.

For the year ended March 31, 2014, the total service revenue was at £3.93 billion, up marginally from £3.88 billion service revenue in the previous year. The adjusted profit however increased by 60.2% to £354 million for FY14, from £221 million profit in the previous year. EBITDA was at £1.40 billion, up 12.7% year-on-year (YoY).

At constant exchange rates, Vodafone informed that the service revenue grew by 13% YoY while the adjusted profit grew by 83.3% YoY. This was due to greater usage of voice and data traffic along with an increase in voice tariff.

Vodafone Service Revenue Growth

Mobile in-bundle revenue increased by 13.3% YoY to £162 million from £143 million in the previous quarter. Mobile out-bundle revenue however declined by 2.9% to £597 million from £615 million last quarter. The mobile incoming revenues was almost flat at £163 million, from £162 million in the previous quarter.

For the FY13, Mobile in-bundle revenue was up 13.97% YoY to £612 million from £537 million in the previous year, while the Mobile out-bundle revenue was almost flat at £2.518 billion from £2.513 billion in the previous year. The incoming revenue however saw a marginal 1.5% decline to £679 million for the year from £687 million in FY13.

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Mobile In-bundle revenue represents revenues from bundles that include a specific number of minutes, messages and megabytes of data for no additional charge while mobile out of bundle revenue represents revenues generated from additional minutes, messages and megabytes of data used out of these bundles. Mobile Incoming revenues comprises of revenue generated from voice and messaging termination rates to Vodafone customers.

The fixed line revenues was flat at £7 million for the quarter, however for the fiscal FY13, it grew by 36.8% to £26 million for the year, from £19 million in FY13.

Operational Highlights

– Vodafone India had 166.56 million connections for the quarter, up from 160.41 million connections in the previous quarter. 93.7% of these connections are prepaid connections.

Net additions was at 6.15 million for the quarter.

ARPU: Total blended ARPU dipped slightly to Rs 192 from Rs 193. This was due to a decline in postpaid ARPU to Rs 724 from Rs 746 in the previous quarter. The prepaid ARPU remained flat at Rs 156 for the quarter.

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Minutes of use increased to 164.4 billion from 158.4 billion in the previous quarter and from 154.9 billion in Q4-FY13.

Total Churn declined to 43.4% from 45.5%. Postpaid churn increased to 19.1% while prepaid churn declined to 45.1%. Note that Vodafone accounts for churn over four consecutive quarters.

Messaging volume declined to 23.9 billion from 24.96 billion in the previous quarter.

2G auctions: During the quarter, Vodafone acquired a total 72.00 MHz of spectrum for Rs 19,644.72 crore in the February 2014 2G auctions. This includes 23 MHz of spectrum in the 900MHz band for Rs 11,261.20 crore and 72.00 MHz of spectrum in the 1800 MHz band for Rs 8,383.52 crore. The company was the highest in terms of money spent and third highest in terms of spectrum acquired.

The telco had mentioned that it has retained the existing 900 MHz spectrum in three most important circles – Mumbai, Delhi and Kolkata and has bought spectrum in the 1800MHz band in Mumbai, Delhi, Kolkata, Karnataka and Kerala to roll out 4G services. These circles currently make up for 50% of Vodafone India’s data revenues.

Vodafone mentions that it has paid £0.5 billion of £1.9 billion during the financial year with the remainder to be payable in instalments starting  in 2017.

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Vodafone India tax case: Last month, Vodafone served an arbitration notice to the Indian government under the Bilateral Investment Treaty (BIT) to commence the arbitration proceedings, following which the Finance Ministry moved to the cabinet to withdrew from conciliation proceedings to resolve the tax row with Vodafone.

Updates: Added service revenue chart

Also read:

Vodafone India adds 6.3M data connections in Q4-FY14; Crosses 50M mark
Vodafone India completes pan-India M-Pesa rollout in Q4-FY14
Vodafone acquires Piramal & Analjit Singh’s stakes to complete its Indian arm buyout

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