Kathmandu — Ncell Axiata Limited reported business turnover exceeding Rs 8 billion in the first quarter of the current fiscal year, reflecting continued operational activity despite ongoing structural and ownership developments within the company. The operator recorded turnover of Rs 8.18 billion during the period, maintaining its position as one of Nepal’s leading telecommunications service providers.
The company’s financial performance follows turnover of Rs 32.54 billion in the previous fiscal year, compared with Rs 34.06 billion in 2024, Rs 37.44 billion in 2023, and Rs 39.72 billion in 2022, indicating a gradual decline in annual revenues over recent years amid evolving market conditions.
Operating performance showed improvement during the quarter, with operating income margins rising to 49 percent. Historically, the company reported operating income margins of 50 percent in the previous fiscal year, 54 percent in 2024, 53 percent in 2023, and 55 percent in 2022, reflecting ongoing efficiency adjustments within its operations.
Ncell also reported an increase in its loan exposure during the period, with total debt ratings reaching Rs 32 billion in long-term and short-term facilities. The company holds a long-term debt rating of Rs 20 billion assigned an ‘ICRA NP LA’ rating, while short-term borrowing of Rs 12 billion received an ‘ICRA NP A1’ rating from ICRA Nepal. Prior to this, the company’s debt rating stood at Rs 22.60 billion.
Established in 2001 as Spice Nepal Pvt. Ltd., the company began telecom operations in 2005 and later rebranded as Ncell after ownership changes involving TeliaSonera and Axiata Group. Although Axiata sold its ownership in 2023 to Spectrolite UK Limited, regulatory and legal processes related to the ownership transfer remain ongoing, and the company continues to operate under the Ncell Axiata Limited name.
