Vodafone Idea’s losses for the second quarter of the 2024 fiscal widened by 15 per cent year-on-year to ₹8,737.9 crore. The telco had reported a loss of ₹7,595.5 crore for the same quarter last year.
Revenue from operations remained mostly flat, growing 0.9 per cent to ₹10,716.3 crore from ₹10,614.6 crore in Q2FY23.
Average revenue per user for the telco rose 2.1 per cent to ₹142. However, total subscriber base continues to decline – Vodafone Idea (Vi) lost 1.6 million subscribers in Q2FY24. It states that this is the lowest subscriber decline since the merger.
The company’s total debt stands at ₹2.1 lakh. As of September 30, 2023, ₹3,189.6 crore has been converted from non-current borrowings to current maturities of long-term debt for not meeting certain covenant clauses. The firm reiterated that its ability to continue as a going concern is dependent on its ability to raise funds.
Akshaya Moondra, CEO, Vodafone Idea Ltd, said “We are pleased to report another quarter of consecutive revenue growth, improvement in ARPU and 4G subscriber additions. We have also revamped our customer offerings over the last few quarters to make our offerings more relevant to the customers with the changing customer needs and evolving industry landscape. We remain focused on our execution to effectively compete in the market. We remain engaged with our lenders for further debt fund raising as well as with other parties for equity and equity linked fund raising, to make required investments for network expansion, including 5G rollout.”
However, the firm continues to make no mention of a prospective fund raise or likely investments into a 5G network.