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Vodafone reports 10.2 pc dip in operating profit in FY17

Press Trust of India  |  Mumbai 

Country's second largest telco Vodafone today reported a 10.2 per cent dip in its FY17 operating profit at Rs 11,784 crore, hurt by aggressive competition.

The company, which is set to be merged with to create the country's largest telecom player, had reported an profit of Rs 13,115 crore on a standalone basis in the year ago period.

The British telecom major's overall on a standalone basis slipped 0.6 per cent to Rs 43,095 crore, while the margin contracted by nearly three percentage points to 27.2 per cent.

Vodafone's Managing Director and Chief Executive Officer Sunil Sood said, "Amidst an unprecedented and intensely competitive environment, we delivered a stable performance."

He said the company, whose subscriber base grew to 209 million, recorded a 0.7 per cent gain in its market share to 22.7 per cent as of December 2016 quarter.

It reported an average per user of Rs 158.

The company invested Rs 8,311 crore during the fiscal and its net debt was Rs 60,200 crore as of March 31.

The entry of Reliance Jio has intensified the competition and hurt the financials of all the incumbents as they seek to protect their customers from moving out.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 16 2017. 13:28 IST