MUMBAI: Following its peers, the second largest telco Vodafone India on Tuesday reported a steep 39.2 per cent plunge in pre-tax profit at Rs 4,075 crore for the six months to September as its revenue fell 15.8 per cent to Rs 19,002 crore due to the fierce completion since the entry of Reliance Jio.
The company, which is on course to merge with the third largest player Idea had Rs 22,579 crore in revenues, and an operational profit of Rs 6,704 crore a year ago, which is down 39.2 per cent.
Vodafone attributed the poor set of numbers to the continuing price competition from Jio and incumbents, seasonality and higher GST rate.
Service revenue fell 15.8 per cent to Rs 19,002 crore in H1 while Ebidta plunged 39.2 per cent to Rs 4,075 crore from Rs 6,704 crore, it said in a statement.
This is despite the fact that the company had strong performance on cost delivering an Ebitda margin of 21.4 per cent as "data usage quadrupled during the period" and had an operating free cash flow of Rs 1,543 crore.
The company also increased its revenue market share (RMS) by 60 bps to 23.1 per cent during the reporting period as its customer base rose 3.3 per cent to 207 million. NEW DELHI: State-owned gas utility GAIL India Ltd on Tuesday reported a 41.6 per cent jump in its second quarter profit as earnings from gas transportation and marketing business soared.
Net profit in July-september at Rs 1,309.63 crore, or Rs 7.74 a share, was 41.6 per cent higher than Rs 924.65 crore, or Rs 5.47 per share, in the same period a year ago, the company said.
GAIL, which owns the biggest natural gas pipeline network in the country, earned Rs 853.48 crore pre-tax profit from gas transmission business in the quarter as compared to Rs 660.74 crore last year.
The firm transported and NEW DELHI: Chinese handset maker Xiaomi caught up with industry leader Samsung to share the top spot in India's smartphone market for the September quarter with each player accounting for 23.5 per cent share, research firm IDC said on Tuesday.
Smartphone shipments in India reached a record high of 39 million units in the JulySeptember quarter -- which also sees high sales on account of festive season.
Shipments grew 40 per cent from the previous quarter and 21 per cent over the year-ago period, IDC said, adding that India accounted for about 10 per cent of the global smartphone shipments this quarter.
Other players in the tally included Lenovo-motorola (9 per cent), vivo (8.5 per cent) marketed 5 per cent more gas volumes in the July-september quarter, the statement said.
Earnings from natural gas marketing rose 27 per cent to Rs 419.74 crore while the same from petrochemical business and Oppo (7.9 per cent).
"In the coming few quarters, both Samsung and Xiaomi would need to further strengthen their channel play and significantly differentiate their products on technology and quality to sustain and fight for leadership in this hyper competitive smartphone market," IDC India Senior Analyst Upasana Joshi said.
In a statement, Xiaomi said it had shipped 9.2 million smartphones during the quarter and has seen a growth rate of nearly 300 per cent year-on-year.
Samsung, which registered 23 per cent year-on-year growth, saw models like Galaxy J2, Galaxy J7 Nxt, and Galaxyj7 Max contributing to almost 60 per cent of its volume, as per IDC data. nearly halved to Rs 88.81 crore.
Revenue fell by about one per cent to Rs 12,409.65 crore.
GAIL said all the business segments registered positive physical growth both sequentially and on year-on-year basis.
"The increase in net profit in Q2 FY 2017-18 on year-on- year basis, was supported by increase in natural gas transmission and marketing volumes by 5 per cent each, LPG transmission by 11 per cent, petrochemicals sales by 29 per cent and liquid hydrocarbon sales by 17 per cent," it said.
On half yearly basis, net profit at Rs 2,335 crore was 32 per cent higher than year ago profit. NEW DELHI: Eminent chartered accountant Sethurathnam Ravi has been appointed as the chairman of the leading stock exchange BSE.
Ravi, who was a public interest director at the BSE, replaces Dhirendra Swarup.
In a regulatory filing, BSE said that Sebi has "approved the appointment of Ravi, public interest director as the chairman of the board of directors of the company with effect from November 13, 2017".
He has experience of holding a number of positions on the board of banks, financial institutions and asset management companies in the financial sector. Presently, Ravi serves as a director on boards of various companies such as UTI Trustee Company, S Ravi Financial Management Services.