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Motilal Oswal Report
Vodafone Idea Ltd. reported a 1%/4% revenue/Ebitda decline sequentially (pre-Ind-AS-116), due to subscriber loss, flat average revenue per user, and operating deleverage. Overall subscriber loss of 2.5 million continued, but data subscribers remained flat.
The capital raise has led to some respite as the long pending capex and continuous subscriber churn were hurting its operating performance. With the fundraising, the capex was directed towards the rollout of 4G and 5G.
We broadly retain our estimates and expect revenue/Ebitda (pre-Ind-AS116) compound annual growth rate at 11%/31% over FY24-26. Assuming a 15 times enterprise value/Ebitda and a net debt of Rs 2 trillion, there is limited opportunity for the stock.
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