The 29 per cent fall in volumes in the quarter was responsible for revenues declining 21 per cent year-on-year
Capital allocation and auto segment volume trajectory are the other triggers
Recovery in India business, traction in new launches in the US market are needed to sustain gains
Margins collapse in Q1 due to higher outgo, weak volumes
The company reported a sharp 21 per cent decline in revenues in the US, much higher than its peers
For FY21, the company indicated that domestic growth would be in the 20-22 per cent band outperforming the market growth
While India business disappointed, lower expenses helped margins
But interest among first-time buyers may help it boost market share
Gains in market share, margins, and new launches are already priced in
Higher capex and depreciation post commercialisation, increased operating costs as well as interest costs are expected to hit the company's FY22 earnings
The near-term outlook is uncertain and may weigh on its rental portfolio
What has helped the performance in the quarter, especially in the domestic business, is the early kharif season which resulted in stocking up of products in the June quarter
But ongoing capex and depreciation may weigh on bottom line
Cash per share after transaction at Rs 852 is more than double the current price
Recovery in segments such as transportation could be pushed to FY22
The last of the five-part series looks at the sector that was relatively unaffected by the Covid-induced lockdown
These companies reported an increase in revenue and/or profit before tax for the March quarter
Valuations too are attractive, at a 35 per cent discount to Infosys
About 60% of Vodafone Idea's customer base is in the 2G space
The positives, according to analysts, are a simplified group structure, investment options for minority shareholders and value discovery of international business