Vodafone Idea narrows loss to Rs 4,532 Crore in October-Decemeber

Debt-ridden Vodafone Idea on Saturday reported narrowing of its consolidated loss to Rs 4,532.1 crore in the third quarter ended on December 31, 2020. The company had posted a loss of Rs 6,438.8 crore in the same quarter a year ago.

“In the third quarter of financial year 2021, we improved subscriber retention and operating performance, supported by Vi GIGAnet. We remain focused on executing our strategy, and our cost optimization plan remains on track to deliver the targeted savings,” Vodafone Idea MD and CEO Ravinder Takkar said in a statement. Revenue from operations declined by 1.7 per cent to Rs 10,894 crore during the reported quarter from Rs 11,089.4 crore in the same quarter a year ago.

“The Board has approved fund raising to support our strategic intent and we are in active discussions with potential investors,” Takkar said. The company has proposed to raise up to Rs 25,000 crore.