Voda Idea posts Rs 5,005-cr loss

Telecom operator Vodafone Idea on Wednesday reported a consolidated loss of Rs 5,005.7 crore for the third quarter of 2018-19 on account of high finance cost, network integration cost and mobile tower exit charges. The books of Vodafone Idea recorded a comprehensive loss of Rs 1,284.5 crore in the same quarter a year ago. However, the results are not comparable as the merger between Vodafone and Idea completed on August 31, 2018.

The company's finance cost during the quarter stood at Rs 2,824 crore and recognised a provision of Rs 725 crore towards exit charges from mobile towers to be paid to different vendors. Total income of Vodafone Idea stood at Rs 11,982.8 core during the reported quarter.

"The initiatives taken during the quarter started showing encouraging trends by the end of the quarter. We are moving faster than expected on integration, specifically on the network front, and we are well on track to deliver our synergy targets," Vodafone Idea CEO Balesh Sharma said.

Vodafone Idea reported an EBIDTA of Rs 1,136.8 crore for the third quarter of 201819 and a higher margin of 9.7 per cent against 6 per cent in the previous quarter.

The company during the quarter added added 11,123 sites for 4G services covering 75 crore population.

"We remain focused on fortifying our position in key districts by expanding the coverage and capacity of our 4G network, and target a higher share of new 4G customers, while offering an enhanced network experience to our customers. The proceeds from the announced capital raise will put us in a strong position to achieve our strategic goals,” Sharma said.