Vodafone India Q1 revenue falls 13.9%

Vodafone Romania service revenue rises 2.9% in Q1 FY 2017/18

Vodafone had group revenues of €11,474 million in the quarter ending June 30, or 3.3% less than the reported figure a year earlier.

In May 2017, Vodafone announced that Vodafone Group would exchange a 35% indirect interest in Safaricom for 226.8 million new ordinary Vodacom shares, enabling the company to simplify the management of its sub- Saharan African holdings.

Vodafone said it saw strong growth in Turkey, but revenue in India was down 14% year-on-year.

Service revenue, in fact, grew 0.43% sequentially in the April-June period from EUR1,379 million (Rs 10,327 crore) in the prior quarter.

The company had a mobile ARPU (average revenue per user) of Euro 6.1 for the April-June 2017 quarter.

Closer to home, United Kingdom service revenue declined 2.7%, slowing from the 4.8% decrease in the fourth quarter as APRU grew in consumer mobile on price increases and as carrier services recovered.

"Although the rate of United Kingdom revenue decline slowed in this quarter, the falling value of the pound and the adverse impact of the abolition of European Union roaming charges are areas of concern for its domestic business going forward".

In its troubled Indian operation, organic service revenue fell 13.9 per cent to €1.39bn, which it put down to price competition.

"Vodafone India has been classified as discontinued operations for Group reporting purposes".

In Ireland the company's service revenue declined 2.5pc in the quarter, however excluding MRTs, revenue in Ireland grew 1.1pc supported by what the company said was "ongoing fixed customer growth".

"While Vodafone is still feeling the effects of this body blow, first quarter results paint a far more favourable picture of the European businesses".

Meanwhile, in Spain Vodafone's TV customer base declined by 24,000 in the quarter due to a temporary delay in the capability to offer TV to new households in its wholesale footprint following a new agreement with the incumbent; higher disconnections following the end of the football season; and its greater focus on premium packages. It ended the June quarter with a customer base of 211.9 million.

Vodafone said its first quarter results were in line with expectations and left its guidance for 2018 unchanged.

Mr Colao went on to say that the performance gives Vodafone confidence in reiterating the company's outlook for the year.

Shares rose 1.31% to 226.60p in late afternoon trading.

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