The net debt for Idea Cellular has gone down by Rs 5200 crore due to proceeds of QIP and Rs 223 crore cash profit, said MD & CEO, Himanshu Kapania.
Idea Cellular believes that there is a significant telecom growth opportunity in the country. We are committed to execute the Prime Minister's vision of building 'i-ways'
Himanshu Kapania
MD
Idea Cellular
Idea Cellular , one of the largest telecom operators in India, beat street expectations on every front with the consolidated net profit rising 23.4 percent sequentially to Rs 728 crore in April-June quarter aided by strong operational performance and topline despite higher tax rate.
Commenting on the company's stellar performance, Himanshu Kapania, MD & CEO said the net debt has gone down by Rs 5200 crore due to proceeds of QIP and Rs 223 crore cash profit, he added.
Talking of the capex plans, he said the guidance on expenditure front remains at Rs 3500 crore for the year.
Below is the transcript of Himanshu Kapania's interview with CNBC-TV18's Kritika Saxena.
Q: Could you tell us more about the net debt for Idea?
Kapania: This quarter first and foremost our EBITDA has grown to Rs 2500 crore which has helped us to get cash flows from our operations of nearly Rs 2200 crore.
We also did a QIP in June 2014 which contributed to Rs 3000 crore. So, we have been able to reduce our net debt this quarter by Rs 5200 crore.
We are at a comfortable net debt levels of less than Rs 14000 crore. Going forward we believe that the operations flow will continue.
Q: TRAI has given a set of recommendations for spectrum sharing for 3G and 4G? Your quick comments on the recommendations?
Kapania: Idea Cellular believes that there is a significant telecom growth opportunity in the country. We are committed to execute the Prime Minister's vision of building 'i-ways'.
We also believe that only 7.5 percent of our existing subscribers use 3G. Only 20 percent of our existing subscribers use mobile data. Going forward almost all our existing 140 million subscribers will use data. So, the data volume is going to explode.
We will be able to handles this explosion of data volume only with a larger quantum of spectrum. So, given this as a background it is important for government of India to release large quantum of spectrum both in the space of 3G at 2100 Mhz, as well as release quantum of spectrum which is blocked in 1800 Mhz and 900 Mhz with the defence and other users.
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