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  • Vodafone Idea skids after Q4 net loss widens to Rs 11,643 cr

    Vodafone Idea declined 3.48% to Rs 10.25 after the company recorded a consolidated net loss of Rs 11,643.50 crore in Q4 March 2020, higher than net loss of Rs 4,881.90 crore in Q4 March 2019.



    Consolidated revenue from operations fell 0.17% to Rs 11,754.20 crore in Q4 FY20 over Rs 11,775 crore in Q4 FY19. Pre-tax loss was at Rs 11,742.60 crore in Q4 FY20 as against Rs 6,758.90 crore in Q4 FY19. The Q4 result was announced before market hours today, 1 July 2020.

    Sequentially, the company's revenue increased 5.99% in the fourth quarter compared with Rs 11,089.40 crore in Q3 December 2019. EBITDA jumped 28.05% to Rs 4,380.10 crore in Q4 FY20 over Q3 FY20 driven by higher revenue and incremental synergy realisation. EBITDA margin stood at 37.3% in Q4 FY20, higher than 30.8% in Q3 FY20.

    The underlying operating expenses for the quarter (excluding license fees & spectrum usage charges and roaming & access charges) were about Rs 2100 crore lower on comparison to Q1 FY19, after adjusting for inflation driven cost increases and incremental network rollout.

    Gross debt (excluding lease liabilities) as of 31 March 2020 was Rs 1,15,000 crore, including deferred spectrum payment obligations due to the government of Rs 87,650 crore. Cash & cash equivalents were Rs 2,480 crore and net debt stood at Rs 1,12,520 crore as against Rs 1,03,310 crore in Q3FY20.

    Capex spend in Q4 FY20 was at Rs 1820 crore was lower compared to Rs 3330 crore in Q3 FY20, as the rollout in Q4 was impacted by COVID-19 with disruptions to equipment supply and the nationwide lockdown.

    The subscriber base declined to 291 million in Q4 FY20 from 304 million in Q3 FY20. Subscriber churn remained stable in Q4 FY20 at 3.3%. Average revenue per user (ARPU) for Q4 FY20 improved to Rs 121 from Rs 109 in Q3 FY20, driven by the prepaid tariff hike effective from December 2019.

    At the end of the quarter, the 4G subscriber base stood at 105.6 million. Total data volumes grew by 7.9% Q-o-Q to 4,090 billion MB as compared to the last quarter. Total minutes on the network declined by 1.4% during the quarter, due to a reduction in incoming minutes while outgoing minutes continued to grow.

    Commenting on the Q4 performance, Ravinder Takkar, the managing director (MD) and chief executive officer (CEO) of Vodafone Idea, has said that: "Our focus on rapid network integration, as well as 4G coverage and capacity expansion, has further improved customer experience. We thus continue to lead the league tables on 4G data download speeds across several states, metros and large cities. We have achieved our full opex merger synergy target. Despite the nationwide lockdown since March due to COVID-19, our teams across all circles continue to work effectively in these difficult times with support of the local authorities, to ensure seamless connectivity for our customers. On the AGR matter, the next hearing is scheduled with the Hon'ble SC in the third week of July. Meanwhile, we continue to actively engage with the government seeking a comprehensive relief package for the industry, which faces critical challenges."

    The company said that the outbreak of COVID-19 pandemic has disturbed economic activity. The telecom services, classified as essential services, continued to operate during the lockdown period. While in the initial period of lockdown, the customer's ability to recharge, availability of physical recharge, acquisition of new customers as well as network rollout were somewhat adversely impacted, the services to customers continued without any material disruption. The firm believes that there is no material impact of the pandemic on its overall performance, except as mentioned herein before.

    On the adjusted gross revenue (AGR) matter, the department of telecommunications (DoT) has proposed to stagger the balance of AGR payments over 20 years. The next Supreme Court hearing is scheduled for the third week of July. The DoT wants the company to pay Rs 58,254 crore as AGR dues. The company claims that amount to be Rs 45,960 crore. The company wants a 20-year timeframe to pay its dues that it claims now stand at Rs 39,106 crore after it paid Rs 6,854 crore during the March quarter.

    Meanwhile, the merger of Indus Towers and Bharti Infratel has received FDI (Foreign Direct Investment) approval for FDI. The long stop date on the original agreement has been extended to 31 August 2020. Vodafone Idea plans to monetize its 11.15% stake in Indus on completion of the Indus-Infratel merger.

    Vodafone Idea operates as a telecom service provider. The company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise offerings, and entertainment.

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1884.60
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