Vodafone Idea (Vi) mobile phone on August 14 reported a loss of Rs 7,319.1 million in the first quarter of FY 2021-22. It also reported that its total debt stands at rs 1.91 lakh crore.
These include Rs 1,060.1 billion in arrears and the RR 621.8 billion AGR debt and 234.0 billion bank loans and financial institutions. Cash and cash equivalents were Rs 9.2 billion and total debt stood at R90,77,7 billion.
Vi in its quarterly report (April-June 2021) stated that revenue decreased by 4.7 percent of QoQ to Rs 91.5 billion due to declining economic activity due to closures / restrictions in several regions during the second severe COVID-19 wave. Reportedly, quarterly EBITDA was Rs. 37.1 billion, with EBITDA marks 40.5 percent compared to 45.9 percent in Q4FY21, the company said. However, its total value stands at 455,409 million bad.
“The second negative wave of COVID has caused significant disruption and decline in economic activity. During these challenging times, VIL has continued to serve its customers and the community at large by providing consistent communication and maintaining high quality services. “We continue to focus on implementing our customer service strategy, and our cost-effectiveness program is always on track to deliver on targeted investments, to meet our strategic goals,” said CEO and CEO of Vodafone Idea Limited CEO Ravinder Takkar.
The private mobile phone company has reported that as of June 30, 2021, an amount of Rs 79,499 million has been set aside from non-current loans to the current maturity of long-term debt non-compliance under certain financial terms.
According to the company, the existing Vi debt due on June 30, 2022 – excluding the spectrum obligation – stands at Rs 86,417 million. The company has written to the Department of Communications by telephone to postpone the actual payment installment of Rs 82,117 million, payable on April 9, 2022.
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The strong growth of the Vi2 data volume of 13.2 percent of QoQ indicates strong consumer engagement. The firm said its continued growth and expansion of the network supported by spectrum renewal and network refurbishment to 4G has led to this growth.
The mobile operator quoted Vi GIGAnet, which continues to provide high quality network information for both, data and voice, as shown in independent independent reports on its improved performance.
However, it maintained that cost-effectiveness continued with the aim of achieving annual opex savings of Rs billion by December 2021, of which they achieved about 70 percent of opex performance against the running rate.
Among other details, the company announces that in addition to paying the next installment of the AGR loan, it is required to provide $ 9,757 million bank guarantees for a one-year suspension of spectrum installments in November 2022, February 2014 and October 2016 at an auction of up to millions. -Rs 64,392.
“Assurances of Rs 133,580 million will expire in the next 12 months. The Board of Directors of the company, at its meeting on September 4, 2020, approved a collection of up to Rs 250,000 million,” Vi said in a statement.
The Supreme Court has rejected an application for modification filed by Vi and other communications operators to correct expression / clerical / arithmetic errors in the AGR calculation. Subsequently, the company filed an application for review on August 11 in the high court against the AGR decision and sought redress for statistical errors when calculating AGR payments.
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The Supreme Court has rejected applications from telecommunications companies, including Vodafone Idea and Bharti Airtel, for redress of alleged misdemeanors in the calculation of arrears.
Recently, billionaire Kumar Mangalam Birla resigned as chairman of Vodafone Idea Ltd, less than two months after handing over the Aditya Birla Group stake to a debt-ridden telco government.
Vodafone Idea (VIL) had an AGR debt of Rs 58,254 crore, of which it paid Rs 7,854.3 crore and Rs 50,399.6 crore outstanding. VIL’s principal debt, excluding rental liabilities, stands at Rs 1,80,310 crore as of March 31, 2021.
This amount includes debt repayment obligations of Rs 96,270 and a debt of R23,080 million in banks and financial institutions, excluding AGR debt.
