Idea Cellular announce net loss of Rs 448 crore for first time

Business
Jan 22 2017 05:01 PM
Kajol Jain

Idea Cellular announce net loss of Rs 448 crore for first time

Idea Cellular, which is scheduled to report its December quarter earnings on Monday, is likely to report a net loss of Rs 448 crore for the first time since its listing, weighed down largely by demonetisation and the impact of tariff war triggered by Reliance Jio, analysts said .

Idea, the telecom company run by the multi-billion-dollar conglomerate Aditya Birla Group, reported a net profit of Rs 91.5 crore for the previous quarter.

Shares of Idea Cellular rose nearly 4 per cent during the week ended January 20 ahead of its results. The stock closed 2.9 per cent higher at Rs 71.40 on Friday.

Total revenues are expected to contract 5.74 per cent on a quarter-on-quarter (QoQ) basis to Rs 8,794.8 crore compared with Rs 9300 crore reported for the previous quarter, the poll showed.
Shares of Idea Cellular rose nearly 4 per cent during the week ended January 20 ahead of its results. The stock closed 2.9 per cent higher at Rs 71.40 on Friday.