Info-tech

Vodafone Idea reports ₹7,319 crore loss in Q1

Our Bureau Mumbai | Updated on August 14, 2021

Ravinder Takkar, Managing Director and Chief Executive Officer, VIL

Subscriber base declines by 12.3 million as the Covid second wave disrupts economic activity.

Vodafone Idea on Saturday reported a loss of ₹7,319 crore for the first quarter ended on June 30, 2021, compared to a loss of ₹25,460 crore in the same quarter a year ago. The losses have widened compared to the fourth quarter when the debt laden operator announced losses of ₹7,022 crore.

During the first quarter, the consolidated revenue from operations declined to ₹9,152.3 crore from ₹10,659.3 crore in the corresponding quarter of 2020-21.

The total gross debt (excluding lease liabilities and including interest accrued but not due) as of June 30, 2021, of VIL stood at ₹1,91,590 crore, comprising of deferred spectrum payment obligations of ₹1,06,010 crore and adjusted gross revenue (AGR) liability of ₹62,180 crore that are due to the government.

The subscriber base declined by 12.3 million as the second wave of Covid disrupted economic activity, with lockdowns or restricted store timings impacting the gross additions during the quarter.

Ravinder Takkar, MD & CEO, Vodafone Idea Limited, said “The severe second wave of Covid caused significant disruptions and slowdown in economic activities. We continue to focus on executing our strategy to keep our customers ahead, and our cost optimization plan remains on track to deliver the targeted savings. We are in active discussion with potential investors for fund raising, to achieve our strategic intent.”

Published on August 14, 2021

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