Idea shares jump after Q1 profit beats estimates

Tags: Companies
Shares in Idea Cellular, India's third-biggest mobile phone operator by users and revenue, rise in early trade after its first-quarter profit rose 57 percent to 7.28 billion rupees ($120.8 million), beating consensus estimates.

Idea's profits mainly got a boost from a rebound in voice as well as data realisations without any pressure on volumes, traders say.

Analysts had expected Idea, part of India's Aditya Birla conglomerate and nearly a fifth-owned by Malaysia's Axiata, to earn 6.29 billion rupees, according to Thomson Reuters I/B/E/S.

Idea also said its capex guidance for the year remains at 35 billion rupees.

Idea shares were trading up 2.7 percent to 143.40 rupees as of 9:32 a.m.


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