Vodafone Idea Q3 results: Net loss widens 10.5% to Rs 7,990 crore

Vodafone Idea (Vi) net loss widened 10.5 per cent on a year-on-year (YoY) basis to Rs 7,990 crore in Q3 of FY23 due to rise in operating expenses and finance costs. In the same period last year, the company posted a net loss of Rs 7,230 crore.

On a sequential basis, the net loss widened by 5.2 per cent. In the second quarter of FY23, Vi had posted a net loss of Rs 7,595 crore.

Gross revenue in the third quarter of FY23 increased by 9.2 per cent YoY to Rs 10,620 crore while earnings before interest, tax, depreciation and amortisation (Ebitda) grew 9.5 per cent to Rs 4,180 crore.

Average revenue per user (ARPU) improved to Rs 135 up 3 per cent quarter-on-quarter from Rs 131 in Q2 of FY23

The company lost 5.8 million subscribers sequentially and its user base stood at 228.6 million at the end of the second quarter.

However, the 4G customer count grew by one million sequentially to 121.6 million.    

Vi has been struggling operationally and financially, and previous rating downgrades have resulted in an increase in finance costs.

In a statement, Vi’s chief executive officer Akshaya Moondra said the company is engaged with lenders for further debt raising and other parties for equity and equity linked fund raising to make required investments for network expansion and 5G rollout.