Vodafone Idea Still Far From Comfortable Outlook: ICICI Direct 
Exterior of Vodafone Idea store (Photo: BloombergQuint)  

Vodafone Idea Still Far From Comfortable Outlook: ICICI Direct 


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

In Q3 FY21, Vodafone Idea Ltd.’s reported revenues were up 1% QoQ to Rs 10,894 crore, with average revenue per user growth of approximately 1.7% QoQ to Rs 121.

The subscriber base declined by ~2 million to 269.8 million, with churn rate reducing to 2.3%.

Reported Ebitda margins were up 86 basis points QoQ to 39.3%, on account of change in accounting of subscriber acquisition costs that aided reported Ebitda by ~ Rs 330 crore.

The Ebitda margin (ex-Indian-accounting standard 116 impact), adjusted for one-offs was at 16.3% versus 15.5% in Q2.

Click on the attachment to read the full report:

ICICI Direct Vodafone Idea Q3FY21 Result Update.pdf


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