Vodafone Idea net loss narrows to Rs 6,563 crore, stock jumps 4% | Markets News

Vodafone Idea net loss narrows to Rs 6,563 crore, stock jumps 4% | Markets News
Written by Arindam
Vodafone Idea net loss narrows to Rs 6,563 crore, stock jumps 4% | Markets News

New Delhi: Telecom firm Vodafone Idea, on Tuesday (May 10), reported a consolidated net loss of Rs 6,563 crore for the fourth quarter of 2021-22, which is lower than Rs 7,023 crore net loss recorded in the corresponding period of last year. The company’s shares gained 4 per cent in morning trade on Wednesday. 

The company`s revenue for the quarter ended March 2022 rose to Rs 10,240 crore, from Rs 9,647.8 crore recorded in the corresponding quarter of the last year, posting a year-on-year increase of 6.46 per cent. Quarter-on-quarter basis, the company`s revenue grew by 5.4 per cent in January-March 2022 period.

Vodafone Idea said in a statement that the growth in revenue was supported by tariff hikes effective November 25, 2021. 

“We are pleased to announce the third consecutive quarter of revenue growth driven by tariff interventions taken in November 2021. While the overall subscriber base has been impacted primarily on account of the tariff increase, the 4G subscriber base continued to grow on the back of superior data and voice experience offered by Vi GIGAnet,” said Ravinder Takkar, MD & CEO, Vodafone Idea Limited.

“We are in the process of creating a differentiated digital experience for our customers and added several new digital offerings across various genres during the quarter. We successfully completed the first tranche of fundraising in the form of a preferential equity contribution of Rs 45 billion from our promoters. We continue to actively engage with lenders and investors for further fundraising,” Takkar added.

The company`s total gross debt (excluding lease liabilities and including interest accrued but not due) as of March 31, 2022 stands at Rs 1,97,880 crore, comprising of deferred spectrum payment obligations of Rs. 1,13,860 crore, AGR liability of Rs 65,950 crore that are due to the Government and debt from banks and financial institutions of Rs 18,070 crore. Also Read: Delhivery IPO opens today: Price band, subscription dates and 5 key things to know before bidding

As of March 31, 2022, Vodafone Idea`s cash and cash equivalent stood at Rs 1,460 crore while the company`s net debt stood at Rs 1,96,420 crore. Also Read: Swiggy scales down Supr Daily operations in 5 metropolitan cities; here’s why

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