Vodafone post 10.2% decline in operating profit

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India's second largest telecom service provider Vodafone announced its full Year financial results (IFRS) for the year ended March 31, 2017.

Vodafone post 10.2% decline in operating profit

The company reported a 10.2 percent decline in FY17 operating profit to Rs 11,784 crore, due to aggressive competition from Mukesh Ambani- owned Reliance Jio, while the overall revenue slipped 0.6 percent to Rs 43,095 crore.

Sunil Sood, Managing Director and CEO, Vodafone India commented: "Amidst an unprecedented and intensely competitive environment, we delivered a stable performance while recording a strong gain of 0.7ppt in RMS YTD Dec 16; increasing our customer base past the 200 million subscriber mark, and expanding our Vodafone SuperNet 4G presence to 2,400 towns by utilizing the spectrum bought during the year.

He said, "We continue to delight and reward customers with innovative and meaningful value propositions including SuperHour, exciting 4G offers, richer content under Vodafone Play and added benefits for Vodafone RED customers. We remain committed to playing our role in enabling Digital India by fulfilling the evolving needs of increasing volumes, speed and innovative solutions for both retail and enterprise customers."

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The company also said that its subscriber base increased 5.6 percent to 209 million and the revenue market share increased 0.7 percent in the nine months to December 2016, to 22.7 percent.

It added data revenue grew 5 percent year on year to Rs 8,467 crore, and the company also added 10 million broadband users during the year to close at 37.7 million (Q4FY17) 3G/4G subscribers.

The company has expanded Vodafone SuperNetTM 4G footprint across all circles where Vodafone won 4G spectrum contributing more than 95 percent of Vodafone Data Revenue; now available across 240 towns.

Meanwhile, the company has announced the merger of Vodafone India and Idea on March 20, 2017, with an aim of creating the largest telecoms operator in India

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