Vodafone CEO

The broader trend for the shares of Vodafone Idea continues to remain negative

Debt-ridden telecom operator Vodafone Idea needs funding to make investments and vendor dues will be cleared once it starts generating cash from the investments, a top official of the company said on Wednesday. Vodafone Idea (VIL) CEO Akshaya Moondra during the company's earning call said that the experience on 5G is not much different for consumers at present unless the network is made ubiquitous. "It is very clear that we need to get funding to make investments and improve our operating cash flows to be then able to improve our vendor payment situation. Currently, we are prioritizing all payments which are essential for the continuation of operations," Moondra said. He said that all vendors have been very supportive during the difficult period that the company has been going through. "As we get the funding and start making investments, as we see cash generation from operations is going up, that will be the basis of our starting to clear the backlog," Moondra said. He said that t

This comes after Vodafone's November announcement of cost-saving measures worth $1.08 billion by 2026, in the wake of a deteriorating market outlook

Abu Dhabi's Emirates Telecommunications Group Co., also known as Etisalat, said it now owns 11% of Vodafone, up from 10% earlier

The development spells further trouble for the company, which has an overall debt pile of Rs 2.2 trillion including hefty dues to the government

In an analyst call following the release of Vi results, CEO Akshaya Moondra said the company is trying to quickly close funding talks with banks so that stuck vendor payments can be quickly addressed

Any equity infusion cannot be below par value, says Indus Towers in its Q2 report

Development comes on the heels of Indus Towers warning the financially stressed telecom company of disconnection of services over non-payment of dues

Vodafone Idea Ltd says the industry needs to raise mobile tariffs at regular intervals as the sector still operates at unsustainably low prices and revisions will allow it to generate returns.

Takes over from Ravinder Takkar, whose three-year term ends on August 18

Vodafone Idea announced the elevation of present chief financial officer Akshay Moondra as its new chief executive officer with effect from August 19, the company said in a regulatory filing.

Debt-ridden telecom operator Vodafone Idea expects the government to complete conversion of around Rs 16,100 crore dues into 33 per cent stake in the company in the coming weeks, a top official said

Shares of telecom operator Vodafone Idea gave up early gains and settled 1 per cent lower amid profit-taking on Wednesday. In early trade, it had gained 4 per cent, a day after the company reported narrowing of its consolidated losses to Rs 6,563.1 crore for the fourth quarter ended March 2022. The stock jumped 3.31 per cent to Rs 9.03 during the day on the BSE. However, later it gave up early gains and settled at Rs 8.65 apiece, down 1.03 per cent. On the NSE, it dipped 0.57 per cent to end at Rs 8.65 apiece. On Tuesday, Vodafone Idea reported narrowing of its consolidated losses to Rs 6,563.1 crore for the fourth quarter ended March, compared to the same period of the previous year, while its realisation per user or ARPU improved sharply on a sequential basis aided by November tariff hikes. VIL's losses were at Rs 7,022.8 crore a year ago, as per a company filing. Its revenue from operations rose 6.6 per cent year-on-year to Rs 10,239.5 crore in the fourth quarter of FY22. Seen

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Earlier in the day, Vodafone Idea in a statement said it has already paid Rs 3,500 crore out of the "self-assessed" liability of Rs 21,533 crore

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