Vodafone Idea has narrowed it’s losses to ₹6,419 crore during the fourth quarter of FY23 from ₹6,563 crore a year ago. 

Revenue for the quarter stood at ₹10,530 crore, which is 2.9 per cent higher compared to the same period last year. The revenue growth has been aided by improvement in subscriber mix and 4G subscriber additions. 

Akshaya Moondra, CEO, Vodafone Idea Limited, said “We are pleased to report annual revenue growth for the first time post –merger on the back of consistently improving performance for last several quarters. Our annual revenue and EBITDA grew by 9.5 per cent and 24.1 per cent, respectively compared to last financial year. We continue to see growth in ARPU and 4G subscribers. During the quarter, we have issued equity shares to the Government of India, against the loan representing the NPV of interest related to deferment of spectrum and AGR. We continue to remain engaged with our lenders for further debt fund raising as well as with other parties for equity or equity linked fund raising, to make required investments for network expansion, including 5G rollout.”

The total gross debt (excluding lease liabilities and including interest accrued but not due) as of Mar 31, 2023 stood at ₹2.092 lakh crore versus ₹ 2.22 lakh crore as of Dec 31, 2022 due to conversion of debt representing NPV of interest arising due to deferment of spectrum instalments and AGR dues into equity issued to Government of India.