Vodafone may delay IPO; FY12 revenue up 20% to Rs 32K cr

Moneycontrol Bureau

Vodafone India, the second largest mobile services provider in the country by revenues and subscribers, reported a strong set of numbers for the year ended March even as it is locked in a battle with the finance ministry over tax dues. Annual revenues grew 19.5% to Rs 32,000 crore, and operating profit rose 21.6% to Rs 8549 crore. The company said its subscriber base has crossed 150 million, with the number of data users surging 81% to over 35 million users. Average realization per user was Rs 180, compared to Bharti’s Rs 189 andIdea Cellular’s Rs 160. Revenues from voice business grew 15% and those from data increased 51%. The company said its net debt stood at Rs 30,000 crore and planned to spend Rs 6216 on capex this financial year. The company said it had begun preparations for going public, but the initial public offering could take some time because of uncertain conditions. Following the government’s decision to amend tax laws retrospectively, Vodafone is facing a tax claim in excess of Rs 10,000 crore. In addition, the telecom sector in general is staring at sharp rise in operating expenses if the TRAI proposal on 2G spectrum auction is accepted. Vodafone said the TRAI recommendations were economically unattractive and that the regulatory scenario was changing on a day-to-day basis, and that is creating a lot of pressure. It also said there was a need for the telecom industry to consolidate. Watch the accompanying video for more details..