Vodafone Idea Q1 results meets street estimates,QoQ loss widens to Rs 7296 cr

Vodafone Idea Q1 results meets street estimates,QoQ loss widens to Rs 7296 cr
ET Bureau
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Synopsis

Quarterly revenue for the cash-strapped operator increased 1.7% sequentially to Rs10,410 crore in the April-June quarter from Rs 10,239.5 crore in the January-March quarter. This was the fourth straight quarter of revenue growth for the loss-making operator.

Agencies
widened net loss for the fiscal first quarter sequentially to Rs 7295.7 crore from Rs 6,544.9 crore in the previous three-month period, in line with street estimates.

Quarterly revenue for the cash-strapped operator increased 1.7% sequentially to Rs10,410 crore in the April-June quarter from Rs 10,239.5 crore in the January-March quarter. This was the fourth straight quarter of revenue growth for the loss-making operator.

Average revenue per user (ARPU), a key metric in a telco’s performance, rose to Rs 128 from Rs 115 in the previous quarter, the company said in a statement Tuesday.

“We continue to witness 4G subscriber growth on the back of superior data and voice experience offered by Vi GIGAnet as well as due to our focus on creating differentiated digital experience for our customers,” Ravinder Takkar, MD & CEO, Vodafone Idea, said in a statement.

He added that in the recently concluded spectrum auction, the telco acquired sufficient spectrum in its key markets to offer superior 5G experience to our customers.

“We also completed the first tranche of fund raising in the form of preferential equity contribution of around Rs. 49.4 billion from our promoters, including the incremental infusion of around Rs. 4.4 billion by Vodafone Group in July 2022. We continue to remain engaged with lenders and investors for further fund raising,” Takkar said.

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