Debt-ridden Vodafone Idea on Saturday posted a lower consolidated loss of Rs 7,319 crore for the first quarter ended June 2021 against a Rs 25,460-crore loss a year ago.

Consolidated revenues from operations fell by 14 per cent to Rs 9,152.3 crore during the quarter under review from Rs 10,659.3 crore in the corresponding quarter of 2020-21.

The total gross debt (excluding lease liabilities and including interest accrued but not due) as of June 30, 2021, stood at Rs 1,91,590 crore, comprising deferred spectrum payment obligations of Rs 1,06,010 crore and adjusted gross revenue (AGR) liability of Rs 62,180 crore that are due to the government.

McLeod Russel

McLeod Russel India has narrowed its loss in the first quarter of this fiscal to Rs 67.03 crore on a consolidated basis compared with Rs 90.52 crore a year ago and Rs 114.87 crore in the previous quarter. Income rose to Rs 221.69 crore from Rs 196.4 crore a year ago.

The company, which was admitted for corporate insolvency resolution proceedings last week for defaulting on loan payments, prepared the financial results under the interim resolution professional as the board is now suspended.

The company said a restructuring plan under RBI guidelines was in the process of being finalised before the company was admitted for CIRP. Inter-creditor agreements between certain lenders were already signed and a techno economic viability study prepared by SBI Capital Markets were being re-vetted.

The company did not disclose whether the section of lenders would continue to pursue the restructuring of McLeod’s debt, which may run parallel to the CIRP process. The Khaitan family, the promoters of McLeod, has not yet challenged the CIRP order at the higher court.