Shares of telecom major Vodafone Idea fell over 5% in early trade after the firm reported widening of loss to Rs 7,231 crore for the quarter ended December 2021.The firm reported a net loss of Rs 4,532 crore in the year-ago period. The stock lost 5.04% to Rs 11.30 against the previous close of Rs 11.90 on┬а BSE.
The stock is down 4.56% in the last 2 days. The large cap share trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.
The telecom share has lost 9.84% in one year and fallen 25.5% since the beginning of this year. Market cap of the firm fell to Rs 32,758 crore on BSE.
Total 125.76 lakh shares of the firm changed hands amounting to a turnover of Rs 14.44 crore on BSE. Net loss widened on a quarter-on-quarter basis from Rs 7,132 crore in Q2 of the current fiscal.
Revenue from operations fell 10.80% to Rs 9,717 crore against Rs 10,894 crore a year ago. The telco’s average revenue per user (ARPU) rose 5.2% QoQ to Rs 115 against Rs 109 in the previous quarter.
The telco added that during the quarter, it saw a continued network capacity expansion supported by spectrum refarming and network upgrade to 4G.
Vi’s EBITDA (earnings before interest, taxes, depreciation and amortization) improved to Rs 1,620 crore, compared to Rs. 1,410 crore in Q2FY22 (post adjustment for one-off of Rs 150 crore in Q2), it added.
Commenting on the quarterly results, Ravinder Takkar, MD & CEO, Vodafone Idea Limited, said, “We are pleased to announce second consecutive quarter of revenue growth driven by several tariff interventions taken in last few months. While the overall subscriber base has declined as a result of the tariff interventions, the 4G subscriber base remained resilient on the back of superior data and voice experience offered by Vi GIGAnet.”
“We remain focused on executing our strategy to improve our competitive position and win in the marketplace. Separately, we have opted for upfront conversion of interest arising from deferment of spectrum and AGR dues into equity,” he added.
