Idea Cellular
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18 August 2017
Update | Sector: Telecom
CMP: INR89
TP: INR110(+20%)
Merger to conclude sooner than anticipated
Risk of market share dilution reduced; synergies not fully factored
Buy
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
IDEA IN
3,607
124 / 66
1/-27/-18
310.9
4.8
1736
57.6
The
Vodafone-Idea merger is likely to conclude by the end of FY18, much ahead of
the earlier expectation of mid-FY19. This should reduce the risk of market share
dilution; we had assumed cumulative market share dilution of 150-200bp over the
next 2-3 years.
Our channel checks with network vendors indicate that master rollout plans
including network restructuring and fresh investments should kick off soon. We
expect the combined entity’s EBITDA margin to expand from the current 23-25% to
32% by FY20 and 36% by FY21. This is still lower than Bharti’s 40% margin in FY16-17.
We expect a revenue recovery from 3QFY18, by when ARPU downtrading should be
largely complete, and GST impact and seasonal weakness would have passed. RJio’s
VoLTE feature phone launch at current pricing is unlikely to be disruptive and
interconnect usage charge (IUC) limits freebies. However, IUC reduction remains a
key risk to ARPU stability.
Our pro forma workings for the merged entity imply EV/EBITDA of 8x (FY19E).
Potential synergy gains could imply EV/EBITDA of 6.2x (FY20E) and 5.2x (FY21E). This
is factoring 36% margin v/s Bharti’s 40% EBITDA margin in FY16-17. We reiterate our
Buy rating, with a target price of INR110.
Financials Snapshot (INR b)
Y/E Mar
2017 2018E 2019E
Net Sales
355.8 346.8 368.7
EBITDA
102.8
84.2
95.0
NP
-4.0
-39.3 -40.8
EPS (INR)
-1.1
-10.9 -11.3
EPS Gr. (%)
-116.2 884.1
3.6
BV/Sh. (INR)
68.6
57.7
46.4
RoE (%)
-1.6
-17.3 -21.7
RoCE (%)
1.5
-0.3
0.3
P/E (x)
-77.9
-7.9
-7.6
P/BV (x)
1.3
1.5
1.9
Shareholding pattern (%)
As On
Jun-17 Mar-17 Jun-16
Promoter
42.4
42.4
42.2
DII
8.8
6.8
6.5
FII
25.9
27.0
25.7
Others
22.9
23.8
25.6
FII Includes depository receipts
Stock Performance (1-year)
Idea Cellular
Sensex - Rebased
120
105
90
75
60
Vodafone-Idea merger on fast track; to reduce risk of market share dilution
The
Vodafone-Idea merger is likely to conclude by the end of FY18, much ahead of
the earlier expectation of mid-FY19. Post approval from CCI (Competition
Commission of India) and conditional approval from SEBI, the companies have filed
the scheme of merger with NCLT (National Company Law Tribunal). After NCLT
approval, the merged entity (Vodafone-Idea) will seek DOT approval, subject to
spectrum liberalization payments and past penalties that are under litigation. We
believe the combined entity will be in a better position to compete with RJio. This
should reduce the risk of market share dilution; we had assumed cumulative
market share dilution of 150-200bp over the next 2-3 years.
Synergies significant; EBITDA margin could expand by 10pp
We believe the merged entity could see EBITDA margin expansion of 10pp. This is
based on two factors: First, at 23-25%, the current EBITDA margins of Idea and
Vodafone are significantly lower than Idea’s 33-34% in FY15-16. Once the
competitive intensity eases, margins should claw back towards previous levels.
Second, with ~40% revenue market share, the combined entity should get scale
benefits benchmarked to Bharti’s 40% margin profile until FY17. This translates
into a significant 10-15pp margin improvement potential. Our workings factor
market recovery in FY19, with 7% revenue growth and 200bp margin improvement
potential for the merged entity. The management has highlighted ~INR84b synergy
gains in the fourth year of operation. We estimate EBITDA margin of 32% in FY20
and 36% in FY21 for the merged entity, with an upward bias, given Bharti’s 40%
EBITDA margin in FY16-17.
Aliasgar Shakir - Research analyst
(Aliasgar.Shakir@motilaloswal.com); +91 22 3982 5423
Hafeez Patel - Research analyst
Hafeez.Patel@motilaloswal.com); +91 22 3010 2611
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Idea Cellular
Our discussions with network vendors indicate that in the first year, the merger may
be neutral from the synergies point of view – the synergy gains could be offset by
vendor settlements and restructuring cost. Network integration gains should start
from the second year, and progressively improve over the next 2-3 years, scaling
above peers, as 20% site rationalization happens. Our channel checks with vendors
indicate that master rollout plans including network restructuring and fresh
investments should kick off soon, potentially raising our synergy gain estimates.
Market should bottom in 2-3 quarters
We understand that the impact of ARPU downtrading is not completely captured in
1QFY18; there could be a spillover to 2QFY18, keeping competitive intensity high.
Further, a seasonally weak Q2 coupled with absorption of GST cost should impact
revenue. By 3QFY18, (a) ARPU downtrading should be largely complete, and (b) GST
impact and seasonal weakness would have passed; recovery should start for the
smartphone category.
VoLTE feature phone launch unlikely to be disruptive
RJio’s VoLTE feature phone launch at INR1,500 device price and INR153/month
service plan is unlikely to be disruptive, considering the current sub-INR100 ARPU
for feature phone subscribers. The digital content provided by RJio is also available
with all the incumbents. Idea is exploring options to reduce smartphone pricing
without any bundling, but does not plan to launch VoLTE feature phones, given its
weak consumer experience. It plans VoLTE service launch selectively from 4QFY18 in
places where it already has LTE network operational, and will gradually expand.
We believe VoLTE feature phones would appeal to each bucket of subscribers
differently.
Smartphone users:
Smartphone users may not find VoLTE feature phones
compelling, given that feature phones are relatively bare.
Voice-only feature phone users:
At sub-INR100 ARPU, incumbents can match
RJio’s offering with plans offering unlimited voice at INR150/month. This should
allow ARPU accretion. IUC may not be significant for incumbents due to 45-55%
on-net voice usage, which should curtail overall cost.
Low-hanging potential data subscribers:
Low-hanging potential data
subscribers using feature phones may find it attractive to use data at
INR153/month, paying INR50-60 higher than current ARPU. Idea is exploring
means to make available low-cost smartphones (without bundling) against RJio’s
INR1,500 handset. We believe RJio’s VoLTE feature phone’s (a) three-year lock-
in, (b) small screen size (2.5 inches v/s at least 4 inches for smartphones) and (c)
low data handling capability could worsen consumer experience.
IUC – the biggest risk
Our workings and channel checks indicate MOU of 650-700 for unlimited voice
plans, 1.7x the average MOU of incumbents pre RJio launch. Assuming 90% off-net
outgoing traffic, IUC/subscriber works out to be INR85-90/month. Thus, IUC cost
limits freebies for a prolonged period. However, a reduction in IUC remains a key
risk to the stability of industry ARPU.
Valuation – merger synergies not captured adequately
The stock appears expensive at an EV/EBITDA of 9x (FY19E), excluding Vodafone
numbers. However, our pro forma workings for the merged entity imply EV/EBITDA
of 8x (FY19E), and potential synergy gains from FY20 onwards could imply
EV/EBITDA of 6.2x (FY20E) and 5.2x (FY21E). This is despite building EBITDA margin
of 36%, lower than Bharti’s 40% EBITDA margin in FY16-17. We reiterate our
Buy
rating, with a target price of INR110.
18 August 2017
2

Idea Cellular
Story in charts
Exhibit 1: Idea: Subscriber and gross rev market share (%)
Subscriber market share (%)
Gross revenue market share (%)
Exhibit 2: Idea: ARPU and RPM trajectory
Monthly ARPU
Mobile RPM (p)
Voice RPM (p)
48 47
44 45 45 44 45 46 46 45 44 45 44 46
41
37 38 38 37 37 36 36 34
33 32 32 33 34 33
29
35 32
26 24
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: Voice traffic and QoQ growth
Voice traffic (b minutes)
8.6
2.8
-5.8
4.1
5.2
5.1
8.4
5.8
5.1
1.2
-1.7
-3.2
-1.1
-1.9
QoQ growth
7.3
8.4
Exhibit 4: Monthly churn (%)
Monthly churn (%)
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: Data revenue (% of total)
Data revenue (% of total)
Exhibit 6: 3G subscriber base ramp-up
3G subscribers (m)
3G subs (% of total)
Source: Company, MOSL
Source: Company, MOSL
18 August 2017
3

Idea Cellular
Story in charts
Exhibit 1: Data traffic and QoQ growth
Data traffic (b MB)
QoQ growth
Exhibit 2: Data revenue per MB (p)
Data revenue per MB (p)
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: Reported consolidated EBITDA margin (%)
Reported consolidated EBITDA margin (%)
36 34 35 35 38
33 33 34
33 31
32 31 31 32
Exhibit 4: EBITDA per minute (p)
EBITDA per minute (p)
25 26 23
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: Net debt and net debt/EBITDA
Net debt (INR b)
Net debt/EBITDA (x)
Exhibit 6: 2G cell site additions
2G cell site additions
Source: Company, MOSL
Source: Company, MOSL
18 August 2017
4

Idea Cellular
Exhibit 7: Key Operating Metrics (YoY)
Subscribers (m)
YoY%
Average subscribers (m)
YoY%
Data subscribers (m)
YoY%
Average Rev Per User (INR/month)
YoY%
Minutes of Use/Sub/Month
YoY%
Data usage/data sub/month (mb)
YoY%
Voice traffic (m min)
YoY%
Data traffic (m MB)
YoY%
Voice revenue per min (p)
YoY%
Data revenue per MB (p)
YoY%
Voice revenue (INR m)
YoY%
Data revenue (INR m)
YoY%
Data revenue as % of total revenue
Non Data VAS revenue (INR m)
Capex (INRm)
Capex / Sales (%)
FY13
122
117
26
158
378
119
531534
37380
35.4
32.3
188382
12059
5.4
21038
57145
25.8
FY14
136
12%
129
10%
25
-4%
169
7%
381
1%
257
116%
588272
11%
79382
112%
37.2
5%
29.1
-10%
218808
16%
23105
92%
8.9
19082
44388
17.0
FY15
158
16%
147
14%
33
32%
177
5%
388
2%
490
91%
684216
16%
172531
117%
35.6
-4%
26.3
-10%
243676
11%
45404
97%
14.6
22232
43222
13.9
FY16
175
11%
166
13%
44
32%
177
0%
394
1%
641
31%
787075
15%
297920
73%
32.4
-9%
23.2
-12%
255135
5%
69163
52%
19.6
29148
378140
107.0
FY17
190
8%
182
10%
42
-4%
159
-10%
383
-3%
843
32%
837449
6%
436423
46%
30.2
-7%
16.4
-29%
252601
-1%
71654
4%
20.5
24498
177290
50.8
FY18E
197
4%
193
6%
48
14%
145
-9%
448
17%
2374
181%
1041008
24%
1285493
195%
24.1
-20%
5.1
-69%
250648
-1%
65955
-8%
19.6
19743
65000
19.3
FY19E
205
4%
201
4%
63
30%
148
2%
444
-1%
3210
35%
1070099
3%
2131529
66%
22.7
-6%
4.6
-11%
243235
-3%
97013
47%
27.1
17478
65000
18.2
Source: MOSL, Company
Exhibit 8: Valuation Summary
Consol EBITDA
Less Net debt
Total Value
Shares o/s (b)
CMP (INR)
Upside (%)
Methodology
FY19 EV/EBITDA
Driver
95
Multiple
9.5
Fair Value (INRb)
907
511
396
3.6
Value/sh (INR)
252
142
110
89
20
Source: MOSL, Company
18 August 2017
5

Idea Cellular
Exhibit 9: Combined spectrum holding & market share
Circles
Delhi
Mumbai
Kolkata
MH
Gujarat
AP
Karnataka
Tamil Nadu
Kerala
Punjab
Haryana
UP W
UP E
Rajasthan
MP
WB
HP
Bihar
Orissa
Assam
NE
J&K
Total
Vodafone + Idea Combined spectrum holdings (mhz)
800
900 1800 2100 2300 2500
Total
-
10
19
5
-
20
54
-
11
15
10
-
20
56
-
7
15
10
-
20
52
-
14
12
15
10
30
81
-
11
21
10
-
30
72
-
5
13
5
-
10
33
-
5
19
5
-
-
29
-
6
12
15
-
-
34
-
12
20
10
10
20
72
-
6
21
10
-
10
47
-
12
16
15
-
20
63
-
11
14.4
10
-
20
56
-
6
15
20
-
20
60
-
6
16
15
-
20
58
-
7
19
5
10
20
61
-
7
23
5
-
20
55
-
-
16
5
-
10
31
-
-
18
5
-
10
33
-
5
17
5
-
20
47
-
-
25
5
-
20
50
-
-
26
5
-
20
51
-
-
17
5
-
10
32
-
142
388
195
30
370
1,124
Vodafone + Idea holdings (As % of current + available spectrum)
800
900
1800
2100
2300
2500
Total
0.0%
45.0%
32.7% 12.5%
0.0% 50.0%*
18.8%
0.0%
49.5%
26.6% 25.0%
0.0% 50.0%*
20.3%
0.0%
34.7%
28.4% 25.0%
0.0% 50.0%*
19.3%
0.0%
69.3%** 21.0% 37.5% 10.0% 75.0%**
29.6%
0.0%
64.0%** 34.9% 25.0%
0.0% 75.0%**
26.2%
0.0%
24.8%
23.4% 12.5%
0.0%
25.0%
12.9%
0.0%
25.0%
34.8% 12.5%
0.0%
0.0%
11.6%
0.0%
22.5%
28.1% 37.5%
0.0%
0.0%
13.5%
0.0%
66.7%** 36.6% 25.0% 11.1% 50.0%**
27.4%
0.0%
25.7%
38.8% 25.0%
0.0%
25.0%
19.4%
0.0%
66.3%** 26.5% 37.5%
0.0% 50.0%*
25.4%
0.0%
64.4%** 24.2% 25.0%
0.0% 50.0%*
23.0%
0.0%
31.1%
26.4% 50.0%* 0.0% 50.0%*
25.8%
0.0%
34.4%
29.1% 37.5%
0.0% 50.0%*
24.5%
0.0%
39.8%
31.2% 12.5% 12.5% 50.0%
24.3%
0.0%
34.0%
43.7% 12.5%
0.0% 50.0%*
21.4%
0.0%
0.0%
28.6% 11.1%
0.0%
25.0%
12.2%
0.0%
0.0%
29.7% 11.1%
0.0%
25.0%
13.0%
0.0%
26.9%
32.2% 11.1%
0.0% 50.0%*
18.2%
0.0%
0.0%
47.5% 12.5%
0.0% 50.0%*
19.7%
0.0%
0.0%
47.9% 12.5%
0.0% 50.0%*
20.0%
0.0%
0.0%
32.2% 12.5%
0.0%
25.0%
14.5%
0.0%
33.1%
31.9% 21.8%
1.6%
42.0% 20.1%
Source: MOSL, Company
*Circle-wise combined share is 50%; ** Circle-wise combined share exceeds 50%
Exhibit 10: Revenue & VLR subscriber Market share
Circle
AP
Assam
Bihar
Delhi
Gujarat
HP
Haryana
J&K
Karnataka
Kerala
Kolkata
MP
Maharashtra
Mumbai
North East
Orissa
Punjab
Rajasthan
Tamil Nadu
UP East
UP West
West Bengal
Revenue market share (Q4FY17)
Vodafone
Idea
Combine
10.1%
24.3%
34.3%
22.5%
5.4%
27.9%
14.2%
14.4%
28.6%
31.2%
11.8%
43.0%
38.8%
22.6%
61.4%*
10.0%
12.1%
22.0%
33.1%
30.5%
63.6%*
5.5%
3.8%
9.3%
16.8%
12.8%
29.6%
24.1%
38.5%
62.5%*
33.2%
7.9%
41.1%
10.4%
46.1%
56.5%*
25.1%
33.1%
58.2%*
35.1%
10.2%
45.3%
16.4%
3.7%
20.1%
16.7%
5.8%
22.5%
17.4%
26.8%
44.2%
21.9%
12.7%
34.6%
23.1%
5.9%
29.0%
29.2%
13.7%
43.0%
25.3%
34.1%
59.3%*
32.9%
8.4%
41.3%
23.5%
18.6%
42.1%
VLR Subscriber market share (Q4FY17)
Vodafone
Idea
Combine
8.0%
23.8%
31.8%
21.3%
7.1%
28.4%
13.9%
17.1%
30.9%
23.5%
14.8%
38.3%
29.7%
21.6%
51.3%*
7.8%
11.2%
19.1%
25.8%
23.8%
49.6%
9.1%
7.5%
16.6%
12.0%
15.6%
27.5%
20.4%
32.2%
52.6%*
23.5%
9.6%
33.1%
8.5%
39.1%
47.5%
21.6%
31.4%
53.0%*
26.4%
13.2%
39.6%
14.6%
5.9%
20.5%
16.7%
7.5%
24.2%
15.7%
23.0%
38.7%
19.5%
14.6%
34.1%
21.3%
8.4%
29.7%
21.5%
14.1%
35.7%
20.7%
28.2%
48.9%
38.8%
13.0%
51.8%*
19.5%
19.5%
39.0%
Source: MOSL, Company
*Circle-wise combined market share exceeds 50%
18 August 2017
6

Idea Cellular
Exhibit 11: Pro forma statement for Vodafone-Idea merged entity (INR m)
Announced
Idea
Vodafone
Topline
Growth
Idea
Vodafone
EBITDA
margin
growth
Synergy
EBITDA (post synergy) 248,910
margin (post synergy)
33%
Debt
219,083
29%
177,853
24%
979,000
FY16
359,494
403,457
762,951
119,676
129,234
248,910
33%
FY17
355,758
392,391
748,149
-2%
102,763
116,320
219,083
29%
-12%
Approval
Year 1 Year 2 Year 3 Year 4
stage
FY18
FY19
FY20
FY21
FY22
346,806 368,718 374,981 392,650 411,287
385,842 418,119 452,150 482,816 513,679
732,648
-2%
786,837 827,130 875,466 924,966
7%
5%
6%
6%
Comments
Factoring 200-350bp market share dilution
for Vodafone and Idea over FY16-21E
177,853
24%
-19%
202,652 239,868 262,640 295,989
26%
29%
30%
32%
14%
18%
9%
13%
-
21,000
50,400
Building recovery from FY19E
945,485 1,079,000
Market cap
648,145 648,145 648,145
EV
1,593,630 1,727,145 1,627,145
EV/EBITDA (x)
6.4
7.9
9.1
Net Debt to EBITDA (x)
3.8
4.9
5.5
Opex synergy is 60% of INR 140b total.
67,200 Building 0% synergy in FY19 and 80% synergy
in 4th year - FY22
202,652 260,868 313,040 363,189
26%
32%
36%
39%
Factoring debt reduction of INR 100b due to
979,000 979,000 979,000 979,000
tower sale in FY18.
648,145 648,145 648,145 648,145
1,627,1451,627,1451,627,1451,627,145
8.0
6.2
5.2
4.5
Value accretion only from FY20E
4.8
3.8
3.1
2.7
Source: MOSL, Company
18 August 2017
7

Idea Cellular
Financials and Valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
PBT bef. EO Exp.
Share of profits of associates
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY13
224,577
14.9
164,531
73.3
60,045
26.7
34,778
25,268
9,495
15,773
0
15,773
5,664
35.9
0
10,109
10,109
39.8
4.5
FY14
265,189
18.1
181,852
68.6
83,337
31.4
45,194
38,143
7,700
30,443
0
30,443
10,765
35.4
0
19,678
19,678
94.7
7.4
FY15
315,709
19.1
207,592
65.8
108,117
34.2
53,036
55,081
5,755
49,325
0
49,325
17,396
35.3
0
31,929
31,929
62.3
10.1
FY16
359,494
13.9
239,818
66.7
119,676
33.3
62,561
57,115
18,831
38,284
4,217
42,501
15,220
35.8
0
27,281
24,574
-14.6
7.6
FY17
355,758
-1.0
252,995
71.1
102,763
28.9
78,272
24,491
37,342
-12,851
4,218
-8,633
-4,636
53.7
0
-3,997
-3,997
-114.7
-1.1
FY18E
346,806
-2.5
262,618
75.7
84,188
24.3
86,461
-2,272
44,932
-47,205
3,371
-43,833
-4,497
10.3
0
-39,336
-39,336
884.1
-11.3
(INR Million)
FY19E
368,718
6.3
273,754
74.2
94,964
25.8
92,569
2,395
46,800
-44,405
3,649
-40,756
0
0.0
0
-40,756
-40,756
3.6
-11.1
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Total Loans
Deferred Tax Liabilities
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates
FY13
33,143
111,073
144,217
140,438
11,180
295,834
467,357
175,818
291,539
61
8,811
10,280
53,092
726
9,601
1,429
41,336
67,949
64,719
3,230
-14,857
295,834
FY14
33,196
132,073
165,269
206,350
18,133
389,752
516,970
221,012
295,958
61
114,194
2,155
53,206
683
8,006
1,881
42,636
75,823
68,960
6,863
-22,616
389,752
FY15
35,978
194,314
230,292
268,591
19,015
517,898
618,207
262,871
355,336
61
51,405
115,267
82,598
710
9,789
15,537
56,562
86,769
78,013
8,756
-4,171
517,898
FY16
36,005
221,670
257,675
415,031
30,714
703,420
986,766
303,848
682,918
61
60,986
13,728
68,807
1,065
11,776
7,818
48,148
123,081
112,331
10,750
-54,273
703,420
FY17
36,053
211,269
247,322
550,545
13,218
811,085
1,149,691
382,120
767,571
61
75,351
63,783
59,912
588
13,139
827
45,358
155,592
151,551
4,041
-95,681
811,085
FY18E
36,053
171,933
207,986
576,641
13,218
797,845
1,214,691
468,580
746,110
61
75,351
63,783
77,513
1,216
14,243
10,997
51,057
164,974
159,520
5,454
-87,461
797,845
(INR Million)
FY19E
36,053
131,177
167,230
613,747
13,218
794,195
1,279,691
561,150
718,541
61
75,351
63,783
110,705
702
15,143
39,218
55,642
174,246
169,605
4,641
-63,541
794,195
18 August 2017
8

Idea Cellular
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Net Debt/Equity
FY13
2.8
13.5
43.5
0.3
11.5
FY14
5.5
19.5
49.8
0.4
7.9
15.8
FY15
8.9
23.6
64.0
0.6
8.1
9.7
3.7
1.3
1.8
4.2
0.7
16.1
8.2
11.7
0.5
0.6
1
11
1.0
9.6
0.6
FY16
6.8
24.2
71.6
0.6
9.5
12.7
3.6
1.2
2.0
5.9
0.7
10.1
6.3
7.7
0.4
0.5
1
12
0.6
3.0
1.5
FY17
-1.1
20.6
68.6
0.0
0.0
-77.9
4.2
1.3
2.4
7.8
0.0
-1.6
1.5
1.8
0.3
0.4
1
13
0.4
0.7
2.0
FY18E
-10.9
13.1
57.7
0.0
0.0
-7.9
6.6
1.5
2.5
9.7
0.0
-17.3
-0.3
-0.3
0.3
0.4
1
15
0.5
-0.1
2.4
FY19E
-11.3
14.4
46.4
0.0
0.0
-7.6
6.0
1.9
2.4
8.7
0.0
-21.7
0.3
0.4
0.3
0.5
1
15
0.6
0.1
3.1
0.3
7.4
5.9
6.0
0.5
0.8
1
16
0.8
2.7
0.9
6.2
0.4
12.7
7.5
9.0
0.5
0.7
1
11
0.7
5.0
1.2
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
E: MOSL Estimates
FY13
10,109
34,778
9,963
-4,110
6,096
56,836
6,135
62,971
-34,766
28,205
0
657
-34,109
248
-10,368
-9,283
-250
0
-19,653
9,209
1,521
1,429
FY14
19,678
45,194
8,564
-6,384
5,354
72,406
9,786
82,192
-36,448
45,744
0
-29,194
-65,642
263
-15,936
-7,682
-1,306
0
-24,661
-8,111
10,729
1,881
FY15
31,929
53,036
9,337
-11,043
5,540
88,800
15,379
104,179
-41,576
62,603
0
-15,680
-57,256
37,374
52,355
-6,656
-2,792
0
80,280
127,202
3,543
15,537
FY16
30,799
66,508
18,498
-10,789
-3,429
101,587
16,560
118,147
-75,157
42,991
0
-68,432
-143,588
175
-86,558
-8,505
-2,598
0
-97,486
-122,927
130,745
7,818
FY17
-3,997
78,272
40,411
-11,443
6,960
110,202
-4,829
105,373
-52,930
52,443
-33,472
-68,763
-155,165
-4,453
84,297
-32,800
-2,599
0
44,445
-5,347
6,174
827
FY18E
-39,336
86,461
44,932
0
1,951
94,008
0
94,008
-65,000
29,008
0
0
-65,000
0
26,096
-44,932
0
390
-18,446
10,562
435
10,997
FY19E
-40,756
92,569
46,800
0
4,301
102,915
0
102,915
-65,000
37,915
0
0
-65,000
0
37,106
-46,800
0
0
-9,694
28,221
10,997
39,218
18 August 2017
9

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Idea Cellular
Disclosure of Interest Statement
Analyst ownership of the stock
Idea Cellular
No
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18 August 2017
10