Idea records Q3 net loss of Rs 384 crore

Hit by ‘unprecedented disruption’ in the telecom space, Aditya Birla-controlled telecom service provider Idea Cellular has reported a consolidated net loss of Rs 383.8 crore this quarter compared with a profit of Rs 91.46 crore in the second quarter of the current fiscal (Q2FY17).

The company had reported a profit of Rs 659.35 crore in the second quarter of the previous fiscal .

Consolidated total revenues for the company decreased for perhaps the first time after its listing by 6.85% to Rs 8,662.7 crore against Rs 9,300.23 crore in the sequential quarter (Q2FY17), the company said.

The Indian mobile industry witnessed an unprecedented disruption in the quarter of October to December 2016, primarily due to free voice and mobile data promotions by a new entrant in the sector.

Consequently, revenue key performance indicators and financial parameters for all mobile operators have sharply declined, and the flourishing Indian wireless sector is trending towards an annual revenue decline of 3-5% in FY2017.