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Business News/ Companies / Company Results/  Vi losses narrow to 6,986 cr in Dec qtr on one-time gain
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Vi losses narrow to ₹6,986 cr in Dec qtr on one-time gain

Vodafone Idea, the country’s third-largest telecom firm by subscriber base, reported a revenue of ₹ 10,673 crore in the three-month period, marginally higher than ₹10,620 crore in the same period last year

The telecom company’s chief executive said that it continued to endeavour to raise funds as part of its business revival plan.Premium
The telecom company’s chief executive said that it continued to endeavour to raise funds as part of its business revival plan.

NEW DELHI: Debt-laden Vodafone Idea’s losses narrowed to 6,986 crore in the quarter ended December 2023, from 7,990 crore a year ago, helped largely by a gain of 755 crore from a favourable order on a litigation with the government.

The telecom company’s chief executive said that it continued to endeavour to raise funds as part of its business revival plan and for making investments for the launch of its 5G services.

Vodafone Idea, the country’s third-largest telecom firm by subscriber base, reported a revenue of 10,673 crore in the three-month period, marginally higher than 10,620 crore in the same period last year.

Earnings before interest, tax, depreciation and amortisation (Ebitda) rose to 4,350 crore, up from 4,180 crore, while margins rose to 40.8% in the December quarter, from 39.4% a year ago.

“We are pleased to report highest Ebitda (pre-Ind accounting standards 116) of 21.4 billion in last 11 quarters. In line with the evolving industry landscape and changing customer needs, we have revamped our offerings as well as focusing on our execution to effectively compete in the market. Resultantly, we are able to grow our 4G subscribers and ARPUs consecutively for last 10 quarters. We remain engaged with various parties for fund raising, to make required investments for network expansion, including 5G rollout," Akshaya Moondra, CEO, Vodafone Idea Limited, said.

The Aditya Birla Group-promoted telco, in which the Indian government is now the single largest shareholder, has been attempting to raise 20,000 crore from external investors through debt and equity funding. Moondra had said in the June quarter earnings call that the company was in talks with three separate parties for raising funds and that the round would be done by the fourth quarter ended December 2023, but the deadline has since passed.

The company said in its quarterly report that it was in discussion with various network vendors for finalization of its 5G rollout strategy and working with partners to develop 5G use cases relevant to the Indian market and build device ecosystems.

“We are also in advanced stage of 5G trials of embracing new technologies such as vRAN & ORAN," the telco said in its earnings statement on Monday after market hours. Its shares closed 0.62% higher at 14.7 apiece on BSE on Monday.

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Gulveen Aulakh
Gulveen covers both corporate and economy, and policy sections of Mint. She also covers telecom, IT from the corporate side and disinvestment, finance ministry from the economy side. Gulveen finds the rare mix of sectors she covers to be incredibly interesting.
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Published: 29 Jan 2024, 06:39 PM IST
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