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Vodafone Idea Reports Massive Loss Of Rs 25,460.2 Crore For Apr-June
On Thursday, Vodafone Idea reported a net loss of Rs 25,460.20 crore for the June ended quarter compared to Rs 4,873.90 crore in the same period a year ago. This included exceptional loss of Rs 19,923.20 crore which includes integration and merger-related cost, provisions, licence fees and SUC on AGR and one-time spectrum charges including interest.
The company's consolidated revenue for the period stood at Rs 10,659.3 crore, which is 5.42 percent lower than 11,269.9 crore reported in June 2019. When compared to the March ended quarter, the telco's revenue was down by 9.3 percent.
"Q1FY21 was a challenging quarter as availability of recharges due to store closure and ability of customers to recharge on account of economic slowdown were impacted," said Ravinder Takkar, MD and CEO, Vodafone Idea.
Vodafone Idea's average revenue per user (ARPU), a primary measure for revenue for a telecom business, declined to Rs 114 against Rs 121 in the March quarter. In comparison, Reliance Jio's ARPU was Rs 140.30 for the June ended quarter and Bharti Airtel's was Rs 157.
The company also announced that the merger of Indus Towers and Bharti Infratel has received FDI approval.
"The long stop date on the original agreement has been extended to August 31, 2020. We have the option to monetize our 11.15 percent stake in Indus on completion of the Indus-Infratel merger," Vodafone Idea said.
The results were announced after market hours. Shares of Vodafone Idea closed flat at Rs 8.30 on NSE.
