Idea Cellular hits 52-week low on disappointing Q1 earnings
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Idea Cellular has fallen to its 52-week low of Rs 96.55, down 6% on the BSE in early morning trade, after the company reported weak set of earnings for the quarter ended June 30, 2016 (Q1FY17).
Idea Cellular, India's third largest mobile operator by subscribers, on Monday posted a 74% year-on-year (YoY) decline in the consolidated profit after tax to Rs 220 crore in Q1FY17, compared with Rs 855 crore in the same period a year ago. Net sales grew 7.9% YoY to Rs 9,484 crore.
Analysts' on an average had estimated the company to post a consolidated net profit of Rs 434 crore.
On a standalone basis, the company reported a net profit of Rs 160 crore, a decline of 81% against Rs 843 crore in the corresponding quarter in the year-ago period.
The Ebitda (earnings before interest, taxes, depreciation and amortisation) margin declined to 32.4% from 33.9% last year.
At 09:30 am, the stock was down 4% at Rs 98.85 on the BSE, as compared to 0.14% rise in the S&P BSE Sensex. A combined 6.67 million shares changed hands on the counter on the BSE and NSE.
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