Debt-ridden telecom operator Vodafone Idea on Tuesday reported widening of its consolidated loss to Rs 7,990 crore for the third quarter ended December.

The company had registered a loss of Rs 7,234.1 crore in the same period a year ago.

The consolidated revenue from operations of Vodafone Idea (VIL), however, increased 9.29 per cent to Rs 10,620.6 crore from Rs 9,717.3 crore in the December 2021 quarter.

“On a YoY basis, revenue growth is strong at 9.3 per cent aided by improvement in subscriber mix, tariff intervention and 4G subscriber additions,” the company said in a statement.

The government during the quarter converted Rs 16,133 crore interest related to deferment of spectrum auction instalments and AGR dues into equity, and now holds around 33 per cent stake in the company.

“Separately, our board has approved issuance of Optionally Convertible Debentures amounting to Rs 16 billion to ATC India,” VIL CEO Akshaya Moondra said.

VIL’s average revenue per user improved by 17.4 per cent on a year-over-year basis to Rs 135 from Rs 115 a year ago on account of tariff hikes and migration of subscribers to unlimited tariff plans.

ONGC net rises 26%

Oil and Natural Gas Corporation (ONGC) reported a 26 per cent jump in its third quarter net profit on the back of a rise in oil and natural gas prices.

The PSU posted a net profit of Rs 11,044.73 crore, or Rs 8.78 per share, compared with Rs 8,763.72 crore, or Rs 6.97 per share, in the same period a year back.

The profit was, however, lower than the Rs 12,825.99 crore earnings in the immediately preceding quarter of July-September.

The rise in profitability was helped by higher realisation on crude oil and gas.

Bata profit up 15%

Footwear major Bata India on Tuesday announced 15 per cent growth in net profit to Rs 83.19 crore for the third quarter ended December 31, 2022.

Net profit in the corresponding period previous year was Rs 72.32 crore. Total income during the quarter was Rs 907.80 crore, up 6.12 per cent from Rs 854.80 crore in the year ago period.

“Continuous focus on refreshing product portfolio with our strategy of casualisation and offering premium fashionable products reflected in overall ASP (average selling price) growth and expansion in share of our premium category brands like Hush Puppies, Marie Claire, Red Label, etc., that was backed by festivity and wedding season in the quarter.

“We also saw encouraging demand for our comfort and casual wear ranges of Bata Comfit, Floatz, etc,” said Gunjan Shah, MD and CEO — Bata India Limited.

“The quarter also marks the highest ever addition of franchise stores with a total footprint crossing the 2000+ milestone for the first time,” he said.