Vodafone Idea reported a loss of Rs 25,460 crore in the first quarter of the current financial year.
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New Delhi:
The net loss of Vodafone Idea, the country’s third largest telecom company, increased to Rs 25,460 crore in the April-June quarter of the current financial year 2020-21. The company’s losses have increased due to over-provision in statutory arrears. Vodafone Idea said in a report to the stock market on Thursday that the company had a loss of Rs 4,874 crore in the same quarter a year ago.
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Operating income of the company decreased to Rs 10,659.3 crore in the first quarter of 2020-21 from Rs 11,269.9 crore in the same quarter a year ago. Vodafone Idea said that it identified an additional Rs 19,440.5 crore in the adjusted gross income (AGR) liability item for the June quarter.
According to the company’s statement, “… During the quarter under review we identified Rs 194.4 billion in total estimated AGR liability head. This is in addition to the Rs 460.0 billion withdrawn as liability on March 31, 2020. The statement said that the ‘lockdown’ imposed to prevent the corona virus epidemic has affected the financial results of the first quarter.
Vodafone Idea Managing Director and Chief Executive Officer Ravindra Collision said, “The first quarter of FY 2020-21 was challenging. The closure of the store due to ‘lockdown’ affected phone recharge availability and financial softening ability of customers to recharge.
(This news has not been edited by the NDTV team. It is published directly from the Syndicate feed.)