Vodafone Idea Q1 Review - Falling Cash Generation, Rising Liabilities: ICICI Securities
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ICICI Securities Report
Vodafone Idea Ltd.’s Q1 FY22 cash Ebitda at Rs 13.8 billion shows fast deteriorating cashflow, while liabilities are rising; we see high risk and huge concern for the company.
In the wake of growing uncertainties, we have put Vodafone Idea’s estimates, rating and target price under-review until further clarity.
We believe existing operation is unlikely to meet upcoming payouts, and risk of default cannot be ruled out, the much anticipated tariff hike/s and capital infusion have been insufficient.
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