Home Buisness news Vodafone reports Rs 25,460 cr Q1 loss as Covid-19 pandemic hits business

Vodafone reports Rs 25,460 cr Q1 loss as Covid-19 pandemic hits business

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Vodafone Idea Ltd reported a 5.4% fall in its first-quarter income on Thursday, as a nationwide lockdown harm its business and the telecom firm misplaced subscribers.

The firm, a three way partnership between Britain’s Vodafone Group and billionaire Kumar Mangalam Birla’s Idea Cellular, additionally reported a much bigger quarterly loss, as it put aside 194.41 billion rupees for dues owed to the federal government.

Late final 12 months the nation’s prime court docket ordered Indian telecom corporations to pay 920 billion rupees in overdue levies and curiosity to the federal government.

It was “a challenging quarter as availability of recharges due to store closures and ability of customers to recharge on account of economic slowdown were impacted,” Chief Executive Officer Ravinder Takkar stated.

Vodafone Idea’s subscriber base declined to 279.eight million customers within the reported quarter, from 291.1 million customers within the fourth quarter. Average income per consumer fell to 114 rupees from 121 rupees within the sequentially earlier quarter.

The firm, India’s third largest telecom operator by subscribers reported its eighth consecutive quarterly loss of 254.6 billion rupees, in contrast with a loss of 48.74 billion rupees a 12 months earlier.

Vodafone Idea’s consolidated income from operations fell to 106.59 billion rupees in the course of the quarter, in contrast with 112.70 billion rupees a 12 months earlier.

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