Vi cuts net loss to Rs 6.4K crore; logs first post-merger revenue rise

Vodafone Idea (Vi) on Thursday reported consolidated net loss of Rs 6,418 crore in Q4 FY23 on a year-on-year (YoY) basis on the back of an increase in operating expenses. The net loss was 2.2 per cent lower on a YoY basis due to revenue growth and increase in 4G customers. 

In the same period last year, the company had posted a net loss of Rs 6,563 crore. It also reported its first annual revenue growth after the merger of Vodafone India with Idea in 2018. On a sequential basis, the net loss was down by 19.6 per cent. 

Gross revenue in the fourth quarter of FY23 increased by 2.8 per cent YoY to Rs 10,531 crore, while earnings before interest, tax, depreciation, and amortisation (Ebitda), declined by 9.4 per cent to Rs 4,210 crore. Average revenue per user (ARPU) remained flat at Rs 135 on a sequential basis and rose 8.8 per cent on a YoY basis. 

The company lost 2.7 million subscribers sequentially and its user base stood at 225.9 million at the end of the second quarter. However, 4G customer count grew by a million sequentially to 122.6 million.  

“We are pleased to report annual revenue growth for the first time post–merger on the back of consistently improving performance for last several quarters,” Vi’s Chief Executive Officer Akshaya Moondra said in a statement. 

“We continue to remain engaged with our lenders for further debt fundraising, as well as, with other parties for equity or equity-linked fund raising, to make required investments for network expansion, including 5G rollout.”