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Vodafone Idea posts net loss of Rs 5,004.6 crore in December quarter on rising competition from Jio

Vodafone Idea posts net loss of Rs 5,004.6 crore in December quarter on rising competition from Jio

Vodafone Idea posts net loss of Rs 5,004.6 crore in December quarter on rising competition from Jio
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By CNBC-TV18 Feb 7, 2019 6:29:00 AM IST (Updated)

Telecom operator, Vodafone Idea, on Wednesday reported a net loss of Rs 5,004.6 crore for the third quarter ended December 2018.

Telecom operator, Vodafone Idea, on Wednesday reported a consolidated net loss of Rs 5,004.6 crore for the third quarter ended December 2018, on rising competition from Reliance Jio.

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CNBC-TV18 Polls had predicted a net loss Rs 4,700 crore for the quarter under review.
The books of Vodafone Idea recorded comprehensive loss of Rs 1,284.5 crore in the same quarter a year ago. However, the year-on-year figure are not comparable as the merger between Vodafone and Idea completed on August 31, 2018.
The mobile phone operator, which was born out of the merger of Vodafone India and Idea Cellular, clocked in revenue of Rs 11,982.8 core during the reported quarter. The income increased by 52 per cent compared to Rs 7,878.6 crore in the previous July-September quarter.
To reduce the debt, the board of the Vodafone Idea approved a rights issue of up to Rs 25,000 crore.
EBITDA (earnings before interest, tax, depreciation and amortisation) stood at Rs 1,140 crore, up 16.3 percent QoQ. Vodafone Idea's total subscriber base has come down to 38.7 crore against 42.2 crore QoQ.
Shares of Vodafone Idea settled at Rs 29.80 apiece, down 1.65 percent on the BSE.
(This is a developing story. Check back for more details)
Disclosure:
RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.
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