NEW DELHI: Telecom service provider Vodafone-Idea has managed to reduce its losses to Rs 6,990 crore in the third quarter ending December 2023, compared to Rs 8,746 crore in the previous quarter.
The company’s loss stood at Rs 7,990 crore a year ago for the same quarter. However, the losses for the nine-month period in the current financial year are up slightly at Rs 23,564 crore compared to the previous year. Revenue from operations was at Rs 10,673.1 crore, nearly flat over the corresponding period of the previous year. Its EBITDA increased by 6.8% year-on-year, marking the highest level in the previous 11 quarters.
“We are pleased to report the highest EBITDA (pre-IndAS 116) of Rs 21.4 billion (Rs 2,140 crore) in the last 11 quarters. In line with the evolving industry landscape and changing customer needs, we have revamped our offerings as well as focused on our execution to effectively compete in the market.
Resultantly, we were able to grow our 4G subscribers and ARPUs consecutively for the last 10 quarters. We remain engaged with various parties for fundraising and to make required investments for network expansion, including 5G rollout,” said Akshaya Moondra, CEO, Vodafone Idea Limited.
Average revenue per user (ARPU) saw a growth o1 Rs 10 year-on-year to Rs 145, while on a sequential basis, ARPU went up by Rs 3. It attributed the change to an entry-level plan and subscriber upgrades. The company said its 4G network covers over 1 billion Indians and is in talks with various technology partners about rolling out a 5G network. It is in talks with many partners to develop 5G use cases relevant to the Indian market and build device ecosystems. Vodafone Idea is in the advanced stage of 5G trials embracing new technologies such as vRAN and ORAN.