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HomeInvestingEarningsVodafone Idea Q4 net loss narrows to Rs 6,419 crore in FY23

Vodafone Idea Q4 net loss narrows to Rs 6,419 crore in FY23

Debt-ridden The consolidated net loss for Vodafone Idea for the fourth quarter that ended in March 2023 was reduced to Rs 6,418.9 crore, the company said on Thursday.

In the same time period last year, the firm suffered a loss of 6,563.1 billion rupees.

According to a regulatory statement made by the business, service revenue climbed by almost 3 percent during the reported quarter, going from Rs 10,228.9 crore in the March 2022 quarter to Rs 10,506.5 crore during the current quarter. Despite this, Vodafone Idea (VIL) revealed that their loss for the fiscal year that ended on March 31, 2023, had increased to Rs 29,297.6 crore.

VIL generated the first-ever yearly revenue gain from services post-merger, despite the fact that the firm as a whole reported a loss of Rs 28,234.1 crore in the fiscal year 2021–22. Its sales increased by 9.4 percent, reaching 42,133.9 crore after having stood at 38,489.5 crore the previous year.

The amount that VIL spent on capital expenditures during the quarter was Rs 560 crore, bringing the total for FY23 to Rs 3,360 crore. Because interest dues arising from the deferment of spectrum instalments and AGR dues were converted into equity and issued to the government, the company’s total gross debt (excluding lease liabilities and including interest accrued but not due) as of March 31, 2023 decreased to Rs 2,09,260 crore from Rs 2,22,890 crore as of December 31, 2022. This was due to the reduction in lease liabilities.

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