Idea Cellular Q1 profit up 57 per cent

Idea Cellular Ltd reported a 57.2 per cent jump in quarterly profit as mobile phone carriers benefit from fewer competitors in the world's second-largest mobile phone market after a long price war.

Idea, India's third-biggest mobile phone operator by users and revenue, said on Monday consolidated first-quarter profit was 7.28 billion rupees ($120.8 million), up from 4.63 billion rupees a year earlier.

Analysts had expected that Idea, part of India's Aditya Birla conglomerate and nearly a fifth owned by Malaysia's Axiata (AXIA.KL), to earn 6.29 billion rupees.

EDITORIAL OF THE DAY

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    Hoarding cash in huge amounts should perhaps be made a punishable offence in India.

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