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Motilal Oswal Report
Vodafone Idea Ltd.’s adjusted Ebitda pre Indian Accounting Standard (Ind-AS 116) was down 10% QoQ (in-line) to Rs 15.4 billion, as revenue slid 9% impacted by the lockdown.
However, it was much below peers. With ballooning net debt of Rs 1,659 billion (including adjusted gross revenue (AGR) liability) and cash flow requirement of Rs 300 billion to service its debt/capex, Vodafone India awaits clarity from the Supreme Court. It is seeking to double average revenue per user (ARPU) to make sustainable profits.
Revenues were down 9.3% QoQ to Rs 106.6 billion (in-line) on subscribers/ARPU decline of 4%/6%, owing to the Covid-19 led lockdown and disruption of economic activities.
Ebitda declined 6% QoQ to Rs 41 billion. After adjusting for Rs 3 billion one-off credits (Rs 4 billion in Q4 FY20) related to network cost, license fees/ spectrum usage charges, Ebitda declined 5% to Rs 38 billion (in-line).
Ebitda on pre Ind-AS 116 basis (adjusted for one-off credits) stood at Rs 15.4 billion, down 10% QoQ (in-line).
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