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  Business   Companies  27 Jul 2017  Idea Cellular Q1 loss at Rs 815 crore on Jio woes

Idea Cellular Q1 loss at Rs 815 crore on Jio woes

REUTERS
Published : Jul 27, 2017, 5:22 pm IST
Updated : Jul 27, 2017, 5:22 pm IST

Idea, third largest telecmom company, had posted a profit of Rs 220 crore during same period last year.

Idea Cellular is India's third largest telecom company after Airtel and Vodafone.
 Idea Cellular is India's third largest telecom company after Airtel and Vodafone.

Mumbai: Idea Cellular Ltd, India's No 3 telecoms firm, reported a third straight quarterly loss on Thursday, reeling in the wake of a price war wrought by new entrant to the sector, Reliance Jio.

It made a net loss of 8.15 billion rupees ($127.13 million) for the three months to June 30, compared with a profit of 2.20 billion a year earlier. Income fell by about 14 percent to 81.82 billion rupees.

 

Analysts on average estimated a loss of 6.71 billion rupees, Thomson Reuters I/B/E/S data showed.

Reliance Industries, led by India's wealthiest man Mukesh Ambani, entered India's telecoms industry last year, spending more than $30 billion on Jio and upending the sector with cheap smartphones and data plans.

Tags: idea cellular, reliance jio, idea cellular profits
Location: India, Maharashtra, Mumbai (Bombay)