Vodafone-Idea: net loss q1 result

The debt-ridden Vodafone Idea will be ‘taken over’ by the promoter group, with a confidence of providing ₹2,000 crores in support.

Vodafone-Idea:
photo: myvi

Vodafone-Idea:

Vodafone-Idea mentioned, “In case the company requires any funds to fulfill its immediate payment obligations, a unit of the promoter group has clarified that it will provide direct or indirect financial assistance of up to ₹2,000 crores

Vodafone-Idea: The debt-ridden Vodafone Idea has received assurance of financial support up to ₹2,000 crores from a unit of the promoter group. The company provided this information to the stock market on Monday. The company stated that as of June 30, 2023, its total debt stood at ₹211,000 crores. Vodafone Idea mentioned,

A unit of the promoter group has clarified that in case the company requires any funds to fulfill its immediate payment obligations, it will provide direct or indirect financial assistance of up to ₹2,000 crores.

Vodafone-Idea:

The consolidated net loss of Vodafone Idea increased to ₹7,840 crores in the first quarter of the ongoing fiscal year ending June, from the previous quarter. The debt-laden telecommunications company, Vodafone Idea Limited (VIL), recorded an increased consolidated net loss of ₹7,840 crores in the first quarter ending June, compared to a net loss of ₹7,295.7 crores in the same quarter of the previous fiscal year.

Vodafone-Idea: On Monday, Vodafone Idea sent a communication to the stock markets, stating that in this quarter, its consolidated operating revenue increased by 2.3% to reach ₹10,655.5 crores. In the same quarter of the previous fiscal year, it was ₹10,406.8 crores. The Average Revenue Per User (ARPU) for Vodafone Idea increased to ₹139 in the June quarter, compared to ₹128 in the same quarter of the previous year.

In the reviewed quarter, the company’s capital expenditure stood at ₹450 crores. Its total outstanding debt at the end of June was ₹211,760 crores. This includes a pending payment of ₹133,740 crores as spectrum charges and an adjusted total revenue of ₹66,860 crores.

What did the company’s CEO say?

VIL’s Chief Executive Officer (CEO) Akshaya Moondra stated, “The consistent growth in average daily revenue, ARPU, and 4G subscribers for the eighth consecutive quarter highlights our ability to operate effectively and compete in the market.”

Vodafone-Idea: deployed 4G networks at nearly 1,000 locations in the June quarter. However, the company’s plans for offering 5G services are still delayed. The company mentioned, “We are in discussions with several network companies to finalize our 5G rollout strategy. We have tested equipment from all major equipment vendors for our 5G network.

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