Vodafone India H1 revenue jumps 13.3%

While there has been a drop in minutes (182 billion in Q2 against 188 billion in Q1) due to decline in subscribers and seasonality in Q2, Average Revenue per Minute remained stable at 44 paise driven by prudent pricing in first half.

Though Pieters declined to make specific comments on the ongoing 2G auction, he said driven by the outcome of the auction and licence extension, "there will be a lot of clarity" in the regulatory environment going forward.

"In the last few months we have seen a lot of decisions being made by the government, which is good. But a lot more needs to be done," he added.

Talking about one-time spectrum fee, Pieters said the government needs to create a level playing field between private operators and state-run entities -- BSNL and MTNL.

"BSNL and MTNL have a lot of spectrum and they dont use it very efficiently. Also, if I have to pay thousands of crores in spectrum fee, while the competitor doesn't, to me that's not level playing field. There have to be same rules," he added.

Asked about its IPO, Pieters said the company remains committed to bringing out the initial offering.

"We are very serious about the IPO...but its difficult to have an IPO in a situation where there is regulatory uncertainty around spectrum allocation, pricing and for us specifically licence extension. Once there is clarity, we will see," he said.

Vodafone Group has also decided against making about Rs 12,000 crore worth of provision for the tax it may have to pay under the retrospective changes brought into taxation laws.

"Should further demand for taxation be received by Vodafone International Holdings BV's (VIHBV) or any member of the Group as a result of the new retrospective legislation, the Group believes it is probable that it will be able to make a successful claim under the BIT (bilateral investment treaty), which will not result in an outflow of economic benefits from the Group," it said.

... contd.

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