Image for representative purpose only. (Photo | @VodafoneIN)
NEW DELHI: Debt-ridden telecom operator Vodafone Idea (VIL) on Tuesday reported widening of its consolidated net loss to Rs 7,990 crore for the third quarter quarter of financial year 2022-23 (FY23) due to rise in operating expenses and finance costs.
The telecom service provider had registered a net loss of Rs 7,234.1 crore in the same period a year ago. The consolidated revenue from operations of Vodafone Idea increased 9.29% to Rs 10,620.6 crore from Rs 9,717.3 crore for Q3FY22. The government during the quarter converted Rs 16,133 crore interest related to deferment of spectrum auction instalments and AGR dues into equity, and now holds nearly 33% stake in the company.
The telco’s average revenue per user (APRU), a key performance indicator of telecom operators, improved by 17.4% on a year-over-year basis to Rs 135 during the December 2022 quarter, aided by tariff hikes and migration of subscribers to unlimited tariff plans.
However, overall subscriber base of VIL fell to 22.86 crore during the reported quarter from 23.44 crore in the September 2022 quarter. The total gross debt as of December 31, 2022, was at Rs 2.22 lakh crore, comprising deferred spectrum payment obligations of Rs 1.39 lakh crore and adjusted gross revenue liability of Rs 69,910 crore that are due to the government, the company said. VIL’s debt from banks and other financial institutions was at Rs 13,190 crore.
It announced the appointment of its executive Vice-President for Financial Controller and Taxation Head, Murthy GVAS as the interim chief financial officer and key managerial personnel of the company, with effect from February 15, 2023.
