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Idea is set to announce its 2QFY2011 results. We expect the company to record revenue of
`3,828cr, up 4.8% qoq. This is expected primarily on the back of higher subscriber growth
of 3.9% qoq in the mobile business overshadowing the effect of weak MOU at 411 (v/s
415 in 1QFY2011) and lower ARPM at 0.43 paise/min (v/s 0.44 paise/min in
1QFY2011). Even the NLD/ILD segment is expected to register decent growth of 5% qoq.
EBITDA margin is expected to drop by 17bp qoq to 24.2% on the back of lower ARPMs
and MOUs. PAT is expected at `192.5cr, down 4.7% qoq. At the CMP of `73.5, the
company is trading at EV/EBITDA of 7x FY2012E EBITDA of `4,702cr premium to its
historical mean of 6.7x. The stock is currently under review.
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