Vodafone India Q1 revenues rise 9% to £1.03 b

PTI Updated - July 22, 2011 at 04:59 PM.

Registers 30% growth in customer base

A file photo of Vodafone's head office in Mumbai.

UK-based Vodafone Group today said its Indian unit reported a growth of nearly 9 per cent in revenue to £1.03 billion during the first quarter ended June 30, 2011, driven by an increase in its customer base.

Vodafone India had registered revenues of £954 million during the April-June quarter of 2010, Vodafone Group said in a statement.

Vodafone Group today reported a growth of 3.5 per cent in revenue to £11.65 billion for the April-June period of 2011.

Service revenue in India grew 16.8 per cent, driven by a 29.8 per cent increase in Vodafone’s customer base, stabilisation of mobile voice pricing in the market and 70.4 per cent growth in data revenue.

As of June 30, 2011, Vodafone had 26 million data customers, a near 3-fold growth year-on-year. The growth was driven by an increase in sales of data-enabled handsets and the continued impact of successful marketing campaigns run in conjunction with the sponsorship of key sporting events.

While competition in the market remains high, the effective rate per minute is stabilising as a result of a focus on promotional offers rather than further ongoing price reductions, the company said.

On July 1, Essar Communications (Mauritius) Ltd (ECML) and ETHL Communications Holdings Ltd (ECHL) agreed the terms under which ECML and ECHL will sell their direct and indirect shareholdings in Vodafone Essar Ltd (VEL) to Vodafone UK.

Under the terms of the agreements, ECML’s wholly owned subsidiaries Essar Communications Ltd (ECL) and Essar Com Ltd (ECom) have sold their entire 22 per cent shareholding in VEL to Vodafone UK and ECHL will also dispose of its 11 per cent shareholding in VEL.

Further, the parties have agreed that all outstanding claims between them are terminated and that all future claims have been renounced. The parties have also agreed to cooperate fully in seeking all regulatory approvals necessary for the completion of these transactions.

Published on July 22, 2011 09:50