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Vodafone Idea Reports a Loss in Maiden Quarterly Earnings

On Wednesday, Vodafone Idea reported having suffered a net loss of a whopping Rs 4,973.8 crore for the July-September quarter. Post the merger of Vodafone India with Idea Cellular, it reported a total income of Rs 7,878.6 crore during its second quarter of the current fiscal year which ends in March. The merger completed on August 31.

The second-quarter revenue included results of Idea Cellular until August 30 and earnings of Vodafone Idea included results from August 31 to September 30. Since they have different time periods, they can’t be compared, claimed the company in one of their statements.

An average revenue of Rs 88 per user was reported with a drop in 4.5 percent sequentially.

After the merger,  the infrastructure was integrated, wherein the company said that consolidating the spectrum and integrating the network has begun. The circle-level CapEx planning to integrate network, which includes vendor selection, has been completed.

Vodafone Idea reported that the Board of Directors team has built a committee comprising of Board members who will evaluate the potential capital raise of up to Rs 250 billion (Rs 25,000 crore).

Vodafone Idea added- “The promoter shareholders, Vodafone Group and Aditya Birla Group, have indicated to the Board that they would contribute up to Rs 110 billion (Rs 11,000 crore) and up to Rs 72.5 billion (Rs 7,250 crore), respectively as part of such a capital raise.”

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Smriti Satyan

Smriti is a computer science engineer from NIE, Mysore. She is currently working as a freelancer. Her interests include blogging, writing, music and technology. She has been writing content for various websites past 2 years which include technology and general content. Email: Smriti@wiseawareness.com

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