Wednesday, February 15, 2023

Increase in Voda Idea's loss to Rs. 8,000 crore

Voda Idea’s loss widens to Rs 8k crore

 Delhi, India: The ailing telco Vodafone Idea's loss increased in the third quarter of FY23 as the company investigated ways to expand its network and launch 5G sites and continued to struggle to gain customers.

The company reported a loss of Rs 7,990 crore in the December quarter, compared to Rs 7,595 crore in the second quarter. The company recently experienced growth as a result of the government's decision to acquire 33% equity in place of interest payments for delayed statutory payments.

The typical income per client (ARPU), a key metric tomeasure wellbeing of telecom organizations, remained at Rs 135 against Rs 131 in the subsequent quarter. However, it is significantly below Airtel's Rs 193 ARPU in Q3 and Jio's Rs 178 ARPU.

According to Voda Idea, revenue for the quarter was Rs 10,621 crore, compared to Rs 10,615 crore for the second quarter. It stated that the company's 4G customer base is expanding, but it is still behind rivals. In order to make the necessary investments for network expansion and 5G, CEO Akshaya Moondra stated, "We continue to remain engaged with our lenders for further debt fund raising as well as with other parties for equity or equity-linked fund raising."

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