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Voda-Idea loss widens fivefold
Vodafone Idea Ltd. (VIL) first-quarter consolidated net loss widened to ₹25,460 crore from a net loss of ₹4,874 crore in the year-earlier period.
Revenue declined 5.42% to ₹10,659 crore, impacted by the nationwide lockdown, the company said.
It reported strong data volume growth of 10.6%, the highest in the last six quarters while data usage per broadband subscriber increased to 13 GB per month.
The company had embarked upon new cost optimisation initiatives to drive further organisational efficiencies and targets to achieve ₹4,000 crore in annualised operational expenditure savings over the next 18 months. “We continue to make progress on our strategy with integration largely complete, enabling us to realise cost synergies well ahead of our initial targets,” said Ravinder Takkar, MD and CEO. “We have launched a cost optimisation initiative that will drive further cost savings. We also continue to actively engage with the government seeking a comprehensive relief package for the industry, which faces critical challenges.”
