Vodafone Idea Ltd. (VIL) first-quarter consolidated net loss widened to ₹25,460 crore from a net loss of ₹4,874 crore in the year-earlier period.

Revenue declined 5.42% to ₹10,659 crore, impacted by the nationwide lockdown, the company said.

It reported strong data volume growth of 10.6%, the highest in the last six quarters while data usage per broadband subscriber increased to 13 GB per month.

The company had embarked upon new cost optimisation initiatives to drive further organisational efficiencies and targets to achieve ₹4,000 crore in annualised operational expenditure savings over the next 18 months. “We continue to make progress on our strategy with integration largely complete, enabling us to realise cost synergies well ahead of our initial targets,” said Ravinder Takkar, MD and CEO. “We have launched a cost optimisation initiative that will drive further cost savings. We also continue to actively engage with the government seeking a comprehensive relief package for the industry, which faces critical challenges.”

The telco’s gross debt as stood at ₹1,18,940 crore, of June 30, 2020, including deferred spectrum payment obligations due to the government of ₹92,270 crore.Cash and cash equivalents were ₹3,450 crore and net debt stood at ₹1,15,500 crore

VIL said the merger of Indus Towers and Bharti Infratel has received FDI approval and the long stop date on the original agreement has been extended to August 31, 2020. “We have option to monetize our 11.15% stake in Indus on completion of the Indus-Infratel merger,” the company said.