Millennium Post

UK’s Vodafone reaps profit in India for first time, eyes more

Vodafone reported a 60 per cent increase in adjusted operating profit at its Indian operations in the year ended 31 March on continued customer growth, data usage and improved voice pricing.Vodafone India which turned profitable for the first time after entering the country, said mobile tariffs need to go up as input costs are rising, but smaller operators offering cheaper rates are not making it easy. Even as Vodafone Group's adjusted operating profit declined, for the local unit it came in at GBP 354 million (about Rs 3,496 crore) compared with GBP 221 million a year earlier.

Annual revenue in India increased marginally to GBP 4.39 billion (about Rs 43,400 crore) in FY14 from GBP 4.32 billion at the end of FY13. ‘Service revenue in India grew 13 per cent as the growing customer base used greater quantities of voice and data traffic, supported by effective voice price increases,’ Vodafone said.Vodafone India had a 125 per cent year-on-year increase in data traffic. It  had 52 million data customers in India, with 7 million of them 3G data customers.

Vodafone Group's adjusted operating profit declined 37.4 per cent to GBP 7.87 billion at the end of FY14. The group's revenue declined 1.9 per cent to GBP 43.6 billion.Group profit jumped multi-fold to GBP 59.42 billion in FY14 after including a GBP 45 billion profit arising from the disposal of Vodafone's US group, whose principal asset was its 45 per cent stake in Verizon Wireless. Vodafone Group had registered a profit of GBP 657 million a year ago.
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