Idea's Q1FY15 consolidated ebitda grew 19.5% y-o-y and 12.6% q-o-q to R2,510 crore against our estimate of R2,370 crore. PAT increased 49% y-o-y and 23.5% q-o-q to R730 crore (estimate R680 crore). Consolidated revenue grew 15.6% y-o-y and 7.3% sequentially to R7,560 crore (versus estimates of R7,350 crore). Blended RPM increased 3.4% q-o-q (voice RPM up 1.9%) compared to our expectation of 1.8%. Voice traffic growth of 5.2% q-o-q was also ~2% above our estimates. Data business exhibited strong growth as well with traffic up 19% q-o-q and realisations up 4%.
Ebitda margin rose 150 bps q-o-q to 33.2% led by lower network costs (down 50 bps as rollout intensity was low in the quarter), access charges (down 50 bps), and sales/marketing costs (down 80 bps), offset by a rise in employee costs (normal in Q1FY15 after one-off decline due to lower liability provisions in Q4FY14).