 "Vodafone")
Vodafone Idea share price dipped 6 per cent to Rs 8.10 on the BSE in Friday's intraday trade after the Supreme Court (SC) dismissed review petitions filed by telecom companies for securing a reduction in statutory dues.
India's top court, on February 14, 2025, dismissed a series of review petitions filed by telecom services providers challenging its 2021 verdict, which had refused to allow corrections in the Department of Telecommunications' (DoT) computation of adjusted gross revenue (AGR) dues, including alleged miscalculations and unintended additions.
Telecom companies had contested that the Centre's calculations contained "glaring errors", highlighting that payments already made had not been accounted for in determining their outstanding adjusted gross revenue (AGR) liabilities, as per reports. READ MORE
In a separate development, a PTI report claims that Vodafone Idea has said that the Department of Telecom (DoT) has asked the company to either deposit a bank guarantee of Rs 6,090.7 crore or Rs 5,493.2 crore in cash for shortfall of aggregate payment made for spectrum the company acquired in 2015. The company, however, is in discussion with the DoT to pay the dues through equity.
Fundamentally, analysts at Centrum Broking believe that Vodafone Idea's planned capex programme should help to improve its network capacity and reduce ongoing customer loss. Also, it expects Vodafone Idea to roll out tariff hikes at shorter intervals, given the weak Return on Capital (RoC) across the sector.
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Vodafone Idea's continued subscriber loss remains a key concern. Despite accelerated network investments in the interim, Motilal Oswal Financial Services believes regaining subscribers will remain a tall ask for Vodafone Idea as its peers, with superior free cash flow generation and deeper pockets, can keep customer acquisition costs higher.
Further, with Government of India prepayments commencing from H1FY26 and no breakthrough on debt raise, the brokerage firm believes Vodafone Idea is likely to face a cash shortfall and may not be able to meet the capex guidance of Rs 50,000-55,000 crore by FY27.
At 01:44 PM, Vodafone Idea shares were trading 5.8 per cent lower at Rs 8.15 on the BSE. By comparison, Bharti Airtel shares were quoting flat at Rs 1,713.70. The stock fell 0.51 per cent to Rs 1,705 in the intraday trade on AGR news. Shares of Bharti Hexacom, meanwhile, were trading 1 per cent lower at Rs 1,352.85, after hitting an intraday low of Rs 1,338.30. The BSE Sensex was down around 0.57 per cent.
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