Vodafone Idea Ltd saw its losses narrowing down to Rs 4,532.1 crore in the third quarter ended December 2020. This came after a one-time gain from the sale of its stake in Indus Towers. The telco had posted a loss of Rs 7,218.2 crore in the preceding quarter and a loss of Rs 6,438.8 crore in the October-December quarter of the previous year.
In August last year, Vodafone Idea, along with other parties (Vodafone Group, Bharti Airtel, Indus Towers and Bharti Infratel) had agreed to proceed with the completion of the Indus-Infratel merger. Subsequently, in November, the scheme became effective and the merger of Indus and Infratel was completed.
Vodafone Idea said in its notes to accounts that in November, it sold the 11.15 per cent stake in Indus for Rs 3764.2 crore to Bharti Infratel, thereby reporting a gain on sale of Rs 2,118.9 crore.
During the quarter, Vodafone Idea saw its revenues rising to Rs 10,894.1 crore on higher 4G additions.