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Vodafone Idea surges 14% on narrowed Q3 losses

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NEW DELHI :
Shares of Vodafone Idea Ltd on Friday surged 14% after the company’s losses narrowed in the December quarter to 6,438.8 crore from the 50,922 crore loss posted in July-September.

At 0946 am, the shares were 11% higher at 5 apiece on the BSE, while benchmark Sensex was up 0.35% at 41,604.37 points.

The company recorded exceptional expenses worth 52.8 crore for adjusted gross revenue (AGR) dues in the December quarter. It had made provisions worth 44,150 crore for these dues in the September quarter.

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Vodafone Idea’s consolidated revenue from operations rose to 11,089 crore in October-December from 10,844 crore in the second quarter, driven by an addition of 8.3 million 4G users in the quarter. Revenue in the corresponding quarter last year was higher at 11,764.8 crore.

The telecom major had reported its highest ever quarterly loss in the three month period ended 30 September, after it accounted for most of the liabilities related to adjusted gross revenue (AGR) in the preceding quarter itself.

Vodafone Idea, a joint venture between Britain’s Vodafone and billionaire Kumar Mangalam Birla-backed Idea Cellular, is the worst hit from the Supreme Court’s ruling on AGR dues.

The apex court will on Friday hear a modification plea filed by Vodafone Idea Ltd, Bharti Airtel Ltd and Tata Teleservices seeking more time to pay AGR dues to the DoT.

Vodafone has the highest AGR dues amounting to 50,000 crore, while Sunil Mittal led telco have to pay 35,586 crore to the DoT. Tata Teleservices, which sold its mobile services business to Airtel, has dues worth 14,000 crore. Jio owes 60 crore as it started operations only in 2016.

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