Vodafone Idea says it is in 'active' discussions with prospective investors to raise funds as revenue falls 14%

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Vodafone Idea says it is in 'active' discussions with prospective investors to raise funds as revenue falls 14%
BCCL
Debt-ridden private telecom company Vodafone Idea on Saturday posted a lower consolidated loss of Rs 7,319 crore for the first quarter ended on June 30, 2021, against Rs 25,460 crore loss in the same quarter a year ago.

The consolidated revenue from operations of Vodafone Idea (VIL) declined by about 14 per cent to Rs 9,152.3 crore during the reported quarter from Rs 10,659.3 crore in the corresponding quarter of 2020-21.

The total gross debt (excluding lease liabilities and including interest accrued but not due) as of June 30, 2021 of VIL stood at Rs 1,91,590 crore, comprising of deferred spectrum payment obligations of Rs 1,06,010 crore and adjusted gross revenue (AGR) liability of Rs 62,180 crore that are due to the government.

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Cash and cash equivalents of the company at the end of reported were Rs 920 crore and net debt stood at Rs 1,90,670 crore.

"We continue to focus on executing our strategy to keep our customers ahead, and our cost optimization plan remains on track to deliver the targeted savings. We are in active discussion with potential investors for fund raising, to achieve our strategic intent," VIL MD and CEO Ravinder Takkar said in a statement.



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