Vodafone Idea losses widen to Rs 6,438.8 crore in December quarter
Its total income fell by 5 per cent to Rs 11,380.5 crore in the third quarter of 2019-20 from Rs 11,982.8 crore in the year-ago quarter, according to a regulatory filing.
Finance costs of the company surged almost 30 per cent to Rs 3,722.2 crore, while depreciation went up by 23 per cent to Rs 5,877.4 crore.
Compared sequentially, the company’s losses are substantially lower than Rs 50,922 crore suffered in the September quarter, when it made provisions for statutory dues following the Supreme Court’s order in the AGR matter.
Ravinder Takkar, the managing director and CEO of Vodafone Idea said, “We continue to actively engage with the government seeking relief on the AGR and other matters. Post dismissal of our review petition, we have filed for modification of the supplementary order with Supreme Court.”
He asserted that the company remains focused on rapid network integration as well as 4G coverage and capacity expansion in its key markets.
“…after several quarters of pressure on topline, we witnessed consistent revenue turnaround from September onwards, that is, before the recent price hikes. The tariff increase effective December should further help in improving revenue performance going forward. We are currently on track to deliver our opex synergy targets by Q1FY21,” he said.
Vodafone Idea is staring at statutory dues of Rs 53,000 crore and the company has already warned of shutdown if no relief is given.
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