ICICIdirect.com is bullish on Idea Cellular and has recommended buy rating on the stock with a target price of Rs 170, in its research report dated May 08, 2014.
"Idea Cellular reported 6.5% QoQ (up 16.2% YoY) revenue growth to Rs 7043.8 crore due to 8.6% QoQ increase in voice traffic to 157 billion minutes and data traffic by 31% QoQ to 27299 million MB. This was due to a decline in ARPM from 44.9 to 43.6 paisa The EBITDA came in at Rs 2230.2 crore, up 8.5% QoQ, 33.3% YoY due to a 9.4% QoQ reduction in the employee cost to Rs 312 crore PAT came in at Rs 589 crore (vs. expectation of Rs 519.4 crore), up 26.1% QoQ, 91.4% YoY due to the robust operating performance. With near term spectrum outlay taken care of and best in the industry net debt/EBITDA profile, we expect revenue and PAT to grow at 12.0% and 16.8% CAGR (FY14-16E). We maintain BUY with a target price of Rs 170", says ICICIdirect.com research report.
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