Vodafone Idea’s Q1 net loss narrows to Rs 7,296.7 crores after tariff hikes

NEW DELHI: Vodafone Idea’s consolidated loss narrowed to Rs 7,296.7 crore for the June quarter compared to the year-ago period, as tariff hikes boosted its realisations. The telco’s loss stood at Rs 7,319.1 crore in the year-ago period.

The telco also announced that Ravinder Takkar will take over as Chairman with effect from August 19, while Himanshu Kapania will step down as non-executive Chairman. The Board has unanimously elected Takkar as Chairman, effective August 19, 2022.

Takkar, currently MD and CEO of VIL, is a nominee of Vodafone Group, and a telecom industry veteran with over 30 years of experience. VIL’s revenue from operations grew to about Rs 10,410 crore in the quarter ended June 30, 2022, improving nearly 14% from the year-ago period.

Its average revenue per user or ARPU - a key monitorable for telecom players - stood at Rs 128 per subscriber for the quarter compared to Rs 104 in Q1FY22. This represented an improvement of 23.4% year on year, helped by tariff hikes.

Vodafone Idea CEO Ravinder Takkar said: “We continue to witness 4G subscriber growth on the back of superior data and voice experience...as well as due to our focus on creating a differentiated digital experience for our customers.”