New Delhi : Vodafone India on Tuesday posted an operating profit of Rs 9,805 crore for the financial year 2017-18, ended March 31.
The UK based group had reported an operating loss of around Rs 30,690 crore for 2016-17 on account of Vodafone Group’s cutting down the valuation of its Indian business by taking gross impairment charge of 4.5 billion euro.
Vodafone India, which is merging with Idea Cellular, expects the process to be completed by June, possibly making the latest results the last on standalone basis. Vodafone Group CEO Vittorio Colao said that both the companies have already starting branding exercise for the new entity.
Vodafone India continues to face tariff war heat and reported 18.7 per cent decline in organic service revenue to around Rs 35,045 crore in 2017-18 compared to Rs 42,927 crore service revenue registered in the preceding fiscal.
“Intense competition is euphemism. There was an 86 per cent decline in data price on year-on-year basis. Good news is that we have got 10 million customer in last quarter but there is a price to be paid for this success,” Colao said.
The company added over 1 crore pre-paid customers but lost 5.76 lakh contract or post-paid customers.
Read to succeed Colao as CEO
LONDON: Vodafone said on Tuesday that Nick Read will be the next CEO of the company, succeeding Vittorio Colao. Read, currently the group’s CFO, will take over from October 1.
“Effective 1 October 2018, Vittorio Colao will be succeeded by group chief financial officer Nick Read,” Vodafone said. “At the date of the group’s annual general meeting on 27 July 2018, deputy CFO Margherita Della Valle will succeed Nick Read as group chief financial officer and will join the board, and Nick Read will become group chief executive-designate,” it said.