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Tuesday, February 18, 2020

Vodafone Idea losses widen to Rs 6,438 crore in Dec quarter

Total income was at Rs 11,380 crore in the December quarter as against Rs 11,982 crore last year.

By: ENS Economic Bureau | Mumbai | Updated: February 14, 2020 4:49:43 am
Vodafone Idea, Vodafone Idea loss, Vodafone Idea revenue, Vodafone Idea india, Vodafone Idea plans, indian express Vodafone Idea’s subscriber base declined to 304 million in Q3 from 311 million in Q2 of FY20.

Vodafone Idea, hit by huge adjusted gross revenue (AGR) dues and finance costs, on Thursday reported a net loss of Rs 6,438 crore for the December 2019 quarter as against Rs 5,004 crore loss in the same period a year ago. Total income was at Rs 11,380 crore in the December quarter as against Rs 11,982 crore last year.

“Our ability to continue as going concern is dependent on positive outcome of the application for modification of the Supplementary Order before the Supreme Court and subsequent agreement with DoT for the payment in instalments after some moratorium and other reliefs. Pending the outcome of the above matters, the financial results have been prepared on a going concern basis,” the company said. Finance costs of the telco surged almost 30 per cent to Rs 3,722.2 crore, while depreciation went up by 23 per cent to Rs 5,877.4 crore.

Ravinder Takkar, MD and CEO, Vodafone Idea, said, “We continue to actively engage with the government seeking relief on the AGR and other matters. Post dismissal of our review petition, we have filed for modification of the Supplementary Order with the Supreme Court. At the same time, we remain focused on rapid network integration as well as 4G coverage and capacity expansion in our key markets.”

Vodafone Idea’s subscriber base declined to 304 million in Q3 from 311 million in Q2 of FY20. Subscriber churn further reduced in Q3 of FY20, reaching 3.3 per cent compared to 3.5 per cent in Q2 of FY20 and 3.7 per cent in Q1FY20, it said.

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