Vodafone Idea Q3 Review - Subscriber Loss Seems To Be Bottoming Out: Motilal Oswal
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Motilal Oswal Report
Vodafone Idea Ltd.’s adjusted Ebitda (excluding a one-off expense of Rs 3 billion on a pre-Indian accounting standard 116 basis) was up 15% QoQ (9% beat) due to strong cost rationalization, reducing selling general and administrative costs by 32% QoQ as subscriber churn significantly decelerated.
The company’s liquidity, ability to invest in its network as well as protect its market share is constrained by the humongous net debt of Rs 1,171 billion and meager FY22E Ebitda of Rs 107 billion (pre-Ind AS 116), thus dependent on a further fundraise.
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