Vodafone Q3 revenues jump on strong India growth

Propelled by a strong performance in India, British telecom major Vodafone Plc today posted a 14.3 per cent jump in revenues at 10.47 billion pounds for the December quarter.

A 37.3 per cent rise in revenues from India at 674 million pounds was one of the main reasons for the good third quarter results.

Vodafone's revenues stood at $10.47 billion in the three months ended December, climbing 14.3 per cent as compared to the year-ago period, a statement noted.

It had revenues to the tune of 9.16 billion pounds in the corresponding period a year ago.

"Our underlying performance showed similar trends to the previous quarter, with pro forma service revenue up 1.4 per cent including in India and at constant exchange rates," Vodafone's chief executive Vittorio Colao said.

According to the statement, service revenue in India grew by 37.3 per cent, or "by 29.6 per cent at constant exchange rates".

However, the firm pointed out that the rate of growth was lower than the previous quarter due to the increasingly competitive market and an increased revenue base. Nonetheless, the quarter under review showed a larger absolute increase in service revenue measured in local currency than the previous quarter.

"Net customer additions averaged 2.1 million per month (in India), the highest since the business was acquired, bringing the closing customer base to 60.9 million. Net customer additions benefited from the launch of services in six new circles during the quarter. Customer penetration in the Indian mobile market reached 30 per cent at 31 December 2008," Vodafone said.