Vodafone Idea saw consolidated loss falling marginally to Rs 7,296.7 crore in the first quarter ended June 30. The telco had posted a loss of Rs 7,319.1 crore in the same period of the previous fiscal.

However, on a sequential basis, losses rose from Rs 6,563.1 crore. The narrowing of the losses on a year-on-year basis came as service revenues rose to almost Rs 10,407 crore from Rs 9,144 crore in the same period of the previous year.

The total income of the company stood at Rs 10,494 crore compared with Rs 9,186 crore in the corresponding quarter of 2021-22. Vodafone Idea disclosed that its average revenue per user (ARPU) rose to Rs 128 from Rs 104 in the previous year, a rise of 23.4 per cent, due to tariff hikes. “We are pleased to announce the fourth consecutive quarter of revenue growth. We continue to witness 4G subscriber growth on the back of superior data and voice experience offered by Vi GIGAnet as well as due to our focus on creating a differentiated digital experience for our customers,” Ravinder Takkar, MD & CEO, Vodafone Idea, said.

“We completed the first tranche of fundraising in the form of a preferential equity contribution of Rs 4,940 crore from our promoters, including the incremental infusion of Rs 440 crore by the Vodafone group in July 2022. We continue to remain engaged with lenders and investors,” Takkar said.

Vodafone Idea disclosed that its total gross debt as of June 30, stood at Rs 1,99,080 crore, comprising deferred spectrum payment obligations of Rs 1,16,600 crore and adjusted gross revenues (AGR) liability of Rs 67,270 crore that are due to the government, and debt from banks and financial institutions of Rs 15,200 crore. The company’s cash and cash equivalents were Rs 860 crore resulting in a net debt of Rs 1,98,220 crore.

Airtel 5G pacts

Bharti Airtel on Wednesday announced it has signed 5G network agreements with gear makers Ericsson, Nokia and Samsung to commence deployment this month. Airtel highlighted its long-standing relationship for connectivity and pan-India managed services with Ericsson and Nokia while stating that its partnership with Samsung will begin from this year onwards.