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Idea stock jumps 8 per cent; hits 5-year high

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 Idea stock jumps 8 per cent; hits 5-year high
The Idea Cellular stock jumped 8 per cent in trade today, hitting the highest level in the last 5 years on a surprisingly good set of quarterly numbers.
 

The stock was last trading at Rs 125 on the Bombay Stock exchange.

On Thursday the company reported jump of nearly 29 percent in consolidated net profit at Rs 308.18 crore for the fourth quarter ended March 31, driven by growth in voice minutes and high data usage.

The company's net profit stood at Rs 238.98 crore net profit in the same period last fiscal. "The high revenue growth is led by sharp expansion of voice minutes at 8.5 percent to 143.4 billion, on sequential quarterly basis, indicating consumer demand for mobile telephony is robust," the company said in a statement.

"The Q4, FY'13 has the highest data adoption by Idea customers' with 4.5 million sequential quarter addition, as the EoP base of data users grew to 26.2 million, now contributing 6.6 percent to service revenue," the statement said.

"Idea continues to strengthen its competitive standing by investing in long term value creators, launched 2,432 GSM sites and 1,595 3G sites, expanded optical fibre network to 74,000 km and strengthened its presence in NLD, ILD, ISP, data services and smartphone device business," the company said.

GoodReturns.in with inputs from PTI

Read more about: idea
Story first published: Friday, April 26, 2013, 10:26 [IST]
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