Idea profit up 13.72%

Mumbai, Jan. 29: Idea Cellular today reported an increase of 13.72 per cent in consolidated net profit at Rs 228.57 crore during its third quarter against Rs 200.98 crore in the same period last fiscal, driven by lower finance charges and improved margins.

The finance and treasury charges on the company dropped 16 per cent during the third quarter to Rs 241.82 crore from Rs 288.03 crore in the same period last fiscal.

Net profit from international long-distance grew to Rs 11.96 crore from Rs 3.94 crore. From the infrastructure business, which includes mobile towers, profit grew 7.5 per cent to Rs 100.64 crore from Rs 93.60 crore on a year-on-year basis.

Idea posted an increase of 10.88 per cent in consolidated revenue at Rs 5,578.58 crore during the October-December quarter against Rs 5,030.82 crore last year.

"The quarterly revenue growth is primarily led by expansion of voice minutes at the rate of 5.2 per cent to 132.2 billion minutes compared with 125.6 billion minutes in the second quarter of 2012-13," Idea said.

The Idea Cellular scrip closed at Rs 113.50, up 0.62 per cent, on the Bombay Stock Exchange.

Sterlite show

Vedanta group firm Sterlite Industries today reported an over 30 per cent growth in consolidated net profit at Rs 1,191.41 crore for the December quarter, largely on account of improved sales realisations and a lower tax outgo.

The company had reported a net profit of Rs 913.52 crore in the year-ago period.

Net sales were up 4.33 per cent to Rs 10,692.40 crore during the quarter against Rs 10,248.77 crore in the December quarter of fiscal 2012.

Total expenditure inched up nearly 3 per cent to Rs 9,011 crore, while its tax outgo declined 29.64 per cent to Rs 355.53 crore. Interest costs also went up 13 per cent to Rs 226.85 crore.

Sterlite shares today fell 0.70 per cent to Rs 113.25 apiece on the BSE.

Reliance Cap

Reliance Capital (R-Cap) has posted an over 68 per cent rise in consolidated net profit at Rs 101 crore for the third quarter against Rs 60 crore in the year-ago period.

Total income rose to Rs 1,716 crore in the quarter against Rs 1,600 crore in the same period last year.

R-Cap is the financial services arm of Anil Ambani-led Reliance Group and is present in many financial businesses, including asset management, mutual fund, insurance and brokerage.