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India: Idea Cellular Q2 profit slumps amid fierce competition

The profit missed an average estimate of 1.55 billion Indian Rupees from 13 analysts polled by Thomson Reuters. Photograph: (AFP)

Reuters Mumbai, Maharashtra, India Oct 24, 2016, 12.41 PM (IST)

India's third-largest telecoms operator, Idea Cellular Ltd, on Monday posted an 88 per cent slump in second-quarter profit, as revenue fell on cheaper voice and data plans rolled out to counter new competition.

Idea posted a consolidated net profit of 914.6 million Indian Rupees ($13.68 million) in the quarter ended September 30, compared with 7.62 billion Rupees a year ago, the company said in a statement.

The profit missed an average estimate of 1.55 billion Rupees from 13 analysts polled by Thomson Reuters.

Revenue dropped 7 per cent to 92.99 billion Rupees.

(Reuters)

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