Debt-ridden telecom operator Vodafone Idea on Thursday reported widening losses to ₹7,675 crore in the March quarter amid a rise in interest and financing costs, while its overall subscriber base shrunk. The company had registered a loss of ₹6,419 crore in the year-ago period.
Consolidated revenue from operations remained almost flat at ₹10,607 crore during the reported quarter.
VIL reported improvements in average revenue per user but its interest and finance cost increased by about 27 per cent to ₹6,247.8 crore from ₹4,907.8 crore in the corresponding quarter a year ago.
For the year ended March 31, Vodafone Idea posted a widening loss of ₹31,238.4 crore from ₹29,301.1 crore a year ago.
The annual revenue from operations was marginally higher by 1.1 per cent at ₹42,651.7 crore against ₹42,177.2 crore in 2022-23.
M&M profit up 4%
M&M on Thursday reported a 4 per cent increase in consolidated profit after tax (PAT) at ₹2,754 crore for the March quarter, driven by the strong performance of its automotive business. The company had posted a PAT of ₹2,637 crore a year ago. Revenue increased to ₹35,452 crore, a growth of 9 per cent, compared with ₹32,456 crore a year ago.
For the full year ended March 31, the company posted a consolidated net profit of ₹11,269 crore against ₹9,025 crore in FY23, an increase of 25 per cent. Revenue rose 15 per cent to ₹1,39,078 crore compared with ₹1,21,362 crore in FY23.
GAIL triples profit
GAIL (India) Ltd on Thursday reported more than tripling of its fourth quarter net profit after the natural gas transmission and petrochemical business saw a turnaround.
Standalone net profit of ₹2,176.97 crore in January-March was 261 per cent more than ₹603.52 crore net profit in the same period last year.
Biocon net declines
Biocon on Thursday reported a 57 per cent decline in its consolidated net profit to ₹136 crore for the fourth quarter ended March 2024 on account of higher expenses. The company posted a net profit of ₹313 crore in the January-March quarter of the last fiscal.
