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

Vodafone Idea (VIL) reported a widening of loss to Rs 29,297.6 crore for the fiscal ended March 31, 2023.

Debt-ridden Vodafone Idea on Thursday said its consolidated net loss narrowed to Rs 6,418.9 crore in the fourth quarter ended March 2023.

The company recorded a loss of Rs 6,563.1 crore in the year-ago period.

The service revenue increased by about 3 per cent to Rs 10,506.5 crore during the reported quarter from Rs 10,228.9 crore in the March 2022 quarter, the company said in a regulatory filing. However, Vodafone Idea (VIL) reported a widening of loss to Rs 29,297.6 crore for the fiscal ended March 31, 2023.

The company posted a consolidated loss of Rs 28,234.1 crore in 2021-22. VIL recorded the first-ever annual revenue growth from services post-merger. Its revenue grew 9.4 per cent to Rs 42,133.9 crore from Rs 38,489.5 crore a year ago.

The capex spend of VIL for the quarter stood at Rs 560 crore, taking the total to Rs 3,360 crore for FY23. Its total gross debt (excluding lease liabilities and including interest accrued but not due) as of March 31, 2023, dropped to Rs 2,09,260 crore from Rs 2,22,890 crore as of December 31, 2022, due to the conversion of interest dues arising from the deferment of spectrum instalments and AGR dues into equity issued to the government.