Vodafone-Idea posts ₹5,005 crore loss for Oct-Dec

Telecom operator Vodafone Idea on Wednesday reported a consolidated loss of ₹5,005.7 crore for the third quarter of 2018-19.

The books of Vodafone Idea recorded comprehensive loss of ₹1,284.5 crore in the same quarter a year ago. However, the year-on-year figure are not comparable as the merger between Vodafone and Idea completed on August 31, 2018.

The loss, however, widened on sequential quarter basis.

Total income of Vodafone Idea stood at ₹11,982.8 core during the reported quarter. The income increased by 52% compared to ₹7,878.6 crore in the previous July- September quarter.

“The initiatives taken during the quarter started showing encouraging trends by the end of the quarter. We are moving faster than expected on integration, specifically on the network front, and we are well on track to deliver our synergy targets,” Vodafone Idea CEO Balesh Sharma said.

The books recorded total income of ₹6,551.6 crore in the same quarter a year ago.

“We remain focused on fortifying our position in key districts by expanding the coverage and capacity of our 4G network, and target a higher share of new 4G customers, while offering an enhanced network experience to our customers. The proceeds from the announced capital raise will put us in a strong position to achieve our strategic goals,” Mr. Sharma said.

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