Idea Cellular announced its first quarter financial results posting a 14.72 % rise in net profit at Rs 309.21 crore. Revenues for the company increased by 29.66 % to Rs. 2,817.94 crore.

EBITDA was down 12.61 % at Rs 396.64 crore while EPS was at Re.1

The company has earmarked Rs 6,000 crore for the new fiscal.

“The company has a borrowing capacity of Rs 9,500- crore. But ... we are only going to borrow Rs 6,000-crore, which is our immediate requirement for the next two years,” said Idea Cellular’s Managing Director Sanjeev Aga.

The company expects formal approval for its merger with Spice within few months time.