Vodafone Idea Still Far From Comfortable Outlook: ICICI Direct
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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.
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