Vodafone Essar announced financial results for the year ending March 31, 2010 posting revenues of £ 3.114 billion ( $4.49 billion) at a rise of 12.7% when compared to revenues of £ 2.689 posted in 2009.

Contribution of VAS for the company is seen gradually increasing in the 12 month time period under consideration. For instance, revenues from messaging services increased from £ 85 million to £ 108 million in a year’s time. Data revenues increased from £ 148 million to £ 169 million.

EBITDA was at £ 807 million when compared to EBITDA of £ 717 million a year ago.

Voice revenues increased from £ 2.547 billion in 2009 to £ 2.241 billion in 2010.

Overall, revenues for Vodafone Group increased to £ 44.5 billion at a 8.4% rise. Adjusted operating profit for the company was at £ 11.9 billion.

The Group CEO, Vittorio Colao said, “I don't think these rules (on consolidation and spectrum) make sense. India needs investment. India is a vast country with a vast population still not fully able to communicate. What India needs is investment and good technology and this will not come in an environment with too many operators and fragmentation of investment."

The company has cut its valuation of the Indian arm by $ 3.2 billion.