The Vodafone Idea (Vi), a telecom company struggling with debt, reported a significant loss of Rs 7,675 crore for the quarter ending March 2024. This represents an increase from the Rs 6,419 crore loss recorded in the same quarter the previous year. The rise in losses is primarily attributed to higher interest and finance costs.
For the entire financial year 2023-24, Vodafone Idea’s losses escalated to Rs 31,238.4 crore, up from Rs 29,301.1 crore in 2022-23. Despite the substantial losses, the company’s operating income saw a slight increase of 1.1 percent, reaching Rs 42,651.7 crore compared to Rs 42,177.2 crore in the prior year.
Vodafone Idea’s integrated income for the reviewed quarter was around Rs 10,607 crore. The average revenue per user (ARPU) showed a positive trend, increasing by 7.6 percent year-on-year to Rs 146. Additionally, the company reported growth in 4G subscribers for the 11th consecutive quarter.
A senior official from Vodafone Idea mentioned that the company’s equity funding of approximately Rs 21,500 crore would support the expansion of its 4G network and the launch of 5G services. The official also stated that the company is collaborating with financial institutions to secure loans for its network expansion plans, aiming to leverage industry growth opportunities.
