Idea Cellular Surprises Analysts With Rs 257 Crore Profit In April-June

Idea Cellular reported a surprise quarterly profit on Monday, helped by a one-time gain from the sale of its telecom towers.

Net profit came in at Rs 257 crore ($37.43 million) for the quarter ended June 30, compared with a net loss of Rs 815 crore last year, Idea said in a statement.

Analysts, on average, were expecting a net loss of Rs 1,371 crore, according to estimates by Thomson Reuters.

Revenue from operations fell about 28 per cent to Rs 5,889 crore, with the mobile carrier hit by an aggressive pricing war set in motion by the entry of deep-pocketed rival Reliance Jio.

Idea Cellular shares closed 3.6 per cent higher at Rs 58.40 apiece on the NSE, ahead of release of the earnings.

($1 = Rs 68.67)

© Thomson Reuters 2018

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