Telecom giant Vodafone’s initial public offering in India is highly unlikely this year, Vodafone India’s Chief Executive Marten Pieters said on Tuesday. He also said that the company will wait for clarity on rules around spectrum pricing and permits before going ahead with the IPO.
Telecom giant Vodafone’s initial public offering in India is highly unlikely this year, Vodafone India’s Chief Executive Marten Pieters said on Tuesday. He also said that the company will wait for clarity on rules around spectrum pricing and permits before going ahead with the IPO.
Pieters was talking on these while announcing the company’s annual result. Boosted by strong growth in data revenues and voice minutes, Vodafone India on Tuesday reported 24.5 per cent jump in operating profit to Rs10,640.6 crore for the financial year ended March 31, 2013.
It had reported EBITDA (Earnings before interest, taxes, depreciation and amortisation) of Rs8,549.3 crore in 2011-12. The Indian arm of the UK-based company is, however, still to turn profitable on net basis.
The revenues of the company jump 10.2 per cent to Rs35,885.8 crore for 2012-13 fiscal, as against Rs32,564.3 crore in the previous financial year.
“We continue to show a healthy double digit revenue growth driven by strong increase in voice minutes and an accelerated data performance,” said Pieters.
On the Rs11,200 crore tax liability case, the company said “Vodafone International Holdings BV (VIHBV) is exploring with the Indian Government whether a mechanism exists under Indian law which would allow the parties to explore the possibility of a negotiated resolution of this dispute, but there is no certainty that such a mechanism exists or that a resolution acceptable to both VIHBV and the Indian Government could be reached.”