14 June 2011

Angel Broking, Result Review Idea

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Result Review
Idea
Idea Cellular (Idea) reported its 4QFY2011 results which outperformed street as well as
our expectations. The revenues came in at `4,235cr (vs. our expectation of `4,136cr), up
7.1% qoq. This was on the back of higher subscriber growth of 9.4% qoq to 89.5mn which
overshadowed the negative impact of declining MOU and ARPM to 397mn and 0.41`/min
from 401min and 0.42`/min in 3QFY2011. EBITDA margin came in at 25.4% (vs. our
expectation of 25.4%), up 140bp qoq. PAT came in at `274cr, up 13% qoq. The stock is
currently under review.

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