Vodafone Concept losses widen to Rs 6,438.eight crore in December quarter

NEW DELHI: Vodafone Concept on Thursday reported widening of losses to Rs 6,438.eight crore in October-December 2019 towards Rs 5,004.6 crore within the year-ago interval because the AGR (adjusted gross income) dues-hit Telco reeled below the impression of elevated finance prices and better depreciation of belongings.
Its complete earnings fell by 5 per cent to Rs 11,380.5 crore within the third quarter of 2019-20 from Rs 11,982.eight crore within the year-ago quarter, in keeping with a regulatory submitting.
Finance prices of the corporate surged virtually 30 per cent to Rs 3,722.2 crore, whereas depreciation went up by 23 per cent to Rs 5,877.four crore.
In contrast sequentially, the corporate’s losses are considerably decrease than Rs 50,922 crore suffered within the September quarter, when it made provisions for statutory dues following the Supreme Court docket’s order within the AGR matter.
Ravinder Takkar, the managing director and CEO of Vodafone Concept mentioned, “We proceed to actively have interaction with the federal government looking for reduction on the AGR and different issues. Publish dismissal of our evaluation petition, we have now filed for modification of the supplementary order with Supreme Court docket.”
He asserted that the corporate stays targeted on speedy community integration in addition to 4G protection and capability enlargement in its key markets.
“…after a number of quarters of stress on topline, we witnessed constant income turnaround from September onwards, that’s, earlier than the latest value hikes. The tariff enhance efficient December ought to additional assist in enhancing income efficiency going ahead. We’re at the moment on monitor to ship our opex synergy targets by Q1FY21,” he mentioned.
Vodafone Concept is watching statutory dues of Rs 53,000 crore and the corporate has already warned of shutdown if no reduction is given.

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