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Local cheer for Vodafone numbers

New Delhi, Feb. 7: Vodafone India’s revenue grew about 10 per cent for the quarter ended December 31, 2012, boosted by a strong growth in voice minutes.

However, Vodafone’s global revenues fell 2 per cent to 11.38 billion because of continued weakness in Europe even as it was somewhat offset by growth in the emerging markets.

“Our results continue to reflect difficult market conditions in Europe. We are addressing this through firm actions on cost efficiency and continuing to invest in areas of growth potential,” Vodafone chief executive Vittorio Colao said.

In India, the UK firm’s revenues grew to 1.1 billion (about Rs 9,388.40 crore) for the December quarter compared with 1.02 billion in the year-ago period.

Vodafone India’s service revenue increased 9.9 per cent, driven by growth in mobile voice minutes and a stable competitive environment. Data revenue grew 23.8 per cent because of a rise in the sale of data bundles and an increase in 2G data pricing.

“As on December 31, 2012, active data customers totalled 33.1 million, including 2.5 million 3G subscribers,” the company said in a statement.

However, the British mobile service provider saw its customer base fall 4.04 million in the quarter to 403.31 million. The drop came mainly in India, where Vodafone lost almost 5.2 million customers because of new regulations on subscriber verification. As on December 31, 2012, Vodafone had 147.47 million subscribers in India.

The company also said the Indian tax authorities have issued a reminder regarding the Rs 11,200-crore liability related to the British firm’s acquisition of the Indian assets of Hutchison Whampoa.

“The group maintains its position. But is engaged in a dialogue with the Indian government to explore whether a solution to this matter can be found,” it added.

Transfer pricing

Vodafone today said it would challenge the transfer pricing order on the sale of shares of its Indian unit to a Mauritius based company.

Last week, the Indian tax authorities had issued an order to Vodafone alleging that its India unit had under-priced its shares issued to a Mauritius-company reportedly by around Rs 1,300 crore.

 
 
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