Motilal Oswal: Vodafone Idea’s Financial Conditions Remain Fragile
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Motilal Oswal Report
Vodafone Idea Ltd.’s adjusted Ebitda (pre-India-Accounting Standard 116) was up 6% QoQ to Rs 16.3 billion.
Revenue edged up 1% QoQ (in-line) and average revenue per user improved 4%, offset by continued subscriber churn.
With ballooned net debt of Rs 1,145 billion (including adjusted gross revenue liability) and meager Rs 17 billion quarterly Ebitda (Q3 FY21 pre-Ind-AS 116), we maintain Vodafone Idea Under Review until there is further clarity on the liquidity situation improving.
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