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Vodafone Idea Shares Decline 5% As Losses Mounted To Rs. 11,643.5 crore In Q4FY20
Shares in Vodafone Idea tumbled as much as 5% in intra-day trade on July 1 after the telecom company posted consolidated loss of Rs 11,643.5 crore in Q4FY20 in comparison to a loss of Rs. 6438.8 in the previous quarter ended December. Revenue at the company grew 6% to Rs. 11,754.2 crore against Rs. 11,089.4 crore in the previous quarter.
For FY20, the telco posted the highest ever loss by an Indian company of Rs. 73,878 crore after provisioning for apex court mandated dues.
Subscriber base at the company also reduced quarter on quarter to 291 million from 304 million in the December ended quarter. ARPU or average revenue per user also inched higher at Rs. 121 in comparison to Rs. 109 in Q3FY20 owing to tariff hike on prepaid plans effective December 2019.
Net debt of the company (ex-AGR dues) was up 9% quarter-on-quarter as there was a rapid depletion in cash balance. Also as reported by CNBC TV18, the company's long-term viability is at stake and would find it difficult to service AGR dues if the payment term is short.
The company further stated that its ability to continue as a going concern will mostly be dependent on the positive verdict by the Supreme Court in the AGR or adjusted gross revenue matter. The case will be heard next by the SC in the third week of July.
And the company has so far paid Rs. 6850 crore in 3 installments towards AGR dues in the quarter ended March 2020.
At 1:28 pm, Vodafone Idea stock traded lower by 3.77% or Rs. 0.4 at Rs.10.22 per share on the BSE.
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