Vodafone Idea Ltd Monday reported a consolidated loss of Rs 4,881.9 crore for the quarter ended March 2019. On a sequential basis, the loss narrowed from Rs 5,004.6 crore for the December quarter of 2018-19.
While the company had recorded a comprehensive loss of Rs 962.2 crore in the corresponding quarter a year ago, there cannot be a year-on-year comparison as the merger between Vodafone India and Idea Cellular was completed only on August 31, 2018.
The revenue from operations for the March quarter of 2018-19 came in at Rs 11,775 crore, close to the Rs 11,764.8 crore last quarter.
Balesh Sharma, CEO, Vodafone Idea limited, said, “We are pleased with the rapid progress we have made to deliver on our stated strategy. The initiatives we have taken since the merger are yielding positive results and we are well on track to deliver our synergy targets two years early.”
“We remain focused on fortifying our position in key profitable districts by expanding coverage and capacity of our 4G network, targeting higher share of new 4G customers by offering an enhanced network experience, whilst also improving cash flows through cost transformation. The oversubscription of our recent rights issue, the largest in India, is a clear testament to investors’ support for our strategy,” he added
“As a result of our focus on accelerating network integration, we have removed surplus equipment on 24,000 sites out of the total 67,000 co-located sites. We have also exited ~9,900 low utilization sites. Both initiatives have yielded significant cost savings for the company,” the company said.
“On the operational side, we have already completed the integration of distributors, retailers, service stores and service centres. We also signed a multi-year agreement with IBM for deployment of future-fit technologies including cloud, advanced analytics and business intelligence to enhance the company’s digital transformation and deliver further cost savings,” it added.