Vodafone India poste 10.2% rise in business revenues

Vodafone India, the Indian subsidiary of the world's largest telecom company Vodafone Plc, has posted a 10.2 per cent growth in business revenues to Rs 35,886 crore in financial year ended March 31, 2013.

The growth was mainly because of a voice revenue growth at 11.1 per cent to Rs 27,592 crore, while messaging revenue declined 15.4 per cent to Rs 1,336 crore during the year, compared to last year.

The average revenue per user or ARPU of Vodafone stood at Rs 194 in fourth quarter ended March 31, 2013, while the average revenue per minute (ARPM) was stable at 44.4 paise.

Analysts believe that Vodafone results show improving operating parameters similar to the results seen across other listed India Telecom operators such as Bharti Airtel, Idea Cellular and Reliance Communications.

"We continue to see signs of decreasing competitive intensity and improving operational parameters for the larger players as evident from Vodafone India results," Barclays Capital said in a note to its clients.

Vodafone's adjusted operating profit rose to Rs 1,854 crore in FY13, more than three times to Rs 503 crore, posted during the same period last year.

Vodafone India's revenues for the quarter grew 7.2 percent to Rs 9,276 crore, it added.

The company said its planned initial public offer (IPO) would not probably happen in this current year as the company would wait for more clarity on regulatory issues before going ahead with public float.