Vodafone Idea Q3 Results: Revenue Remains Flat, Loss Narrows
The company's revenue was down 0.4% sequentially to Rs 10,670.8 crore for the quarter ended December.
Vodafone Idea Ltd.'s third quarter revenue was flat and met analysts' estimates.
The company's revenue was down 0.4% sequentially to Rs 10,670.8 crore for the quarter ended December, according to an exchange filing on Monday. That compares with the Rs 10,957.7-crore consensus estimate of analysts tracked by Bloomberg.
Vodafone Idea Q3 FY24 Highlights (QoQ)
Ebitda up 1.5% at Rs 4,348.10 crore (Bloomberg estimate: Rs 4,233 crore).
Margin at 40.75% vs 39.97% (Bloomberg estimate: 38.6%).
Net loss contracted to Rs 6,985.9 crore vs Rs 8,737.9 crore (Bloomberg estimate: Rs 7,398.4 crore).
Average revenue per user rose to Rs 145 vs Rs 142.
The company reported an exceptional gain of Rs 755.5 crore, following the Telecom Tribunal's order to the Department of Telecom to adjust towards licence fee and spectrum usage charges. The amount was collected by the DoT at the time of the merger between Vodafone India with Idea Cellular.
Its 4G subscriber base grew to 12.56 crore in the October-December quarter, as against 12.47 crore in the July to September period. The overall subscriber base, however, shrunk to 21.52 crore from 21.98 crore in the second quarter.
Debt Position
The total gross debt, excluding lease liabilities and including interest accrued, stood at Rs 2.14 lakh crore as of Dec. 31. It comprises deferred spectrum payment obligations of Rs 1.38 lakh crore and AGR liability of Rs 69,020 crore that are due to the government.
Debt from banks and financial institutions reduced 54% to Rs 6,050 crore from the third quarter of the previous fiscal. Optionally convertible debentures amounted to Rs 1,660 crore.
The net debt stood at Rs 2.14 lakh crore.
Shares of Vodafone Idea closed 0.34% higher, as compared with a 1.8% gain in the benchmark NSE Nifty 50 before the results were announced.
