Vodafone Idea Ltd (VIL), a debt-ridden telecom operator, announced a decrease of its consolidated deficit to Rs 7,144.6 crore for the second quarter ended September 30, owing to a rise in mobile service tariffs and cost optimisation. In the equivalent quarter in the previous fiscal year 2020-21, the firm lost Rs 7,218.2 crore. VIL hiked the entry-level prepaid pricing plan from Rs 49 to Rs 79 in stages throughout the September 2021 quarter, as well as the prices in select postpaid plans. Its consolidated sales fell nearly 13% year on year to Rs 9,406.4 crore in July-September 2021, from Rs 10,791.2 crore the previous year. As it was disclosed at the end of the quarter under review, the impact of the government aid package was not obvious in VIL’s books. VIL, on the other hand, praised the action since it gives immediate help to the firm, which is reeling from financial difficulties.
Also, know that Global packaged food majors call out India as a key growth engine
“We applaud the government’s historic reform plan, which addresses key industry issues and gives immediate relief to the sector’s financial hardship.”He also stated that the company’s operating momentum improved during the last quarter as the economy began to gradually open up, aided by the ongoing rapid vaccination drive. The company’s subscriber base fell to 25.3 crores during the reporting quarter, down from 27.18 crores the previous year. On a quarterly basis, the subscriber base decreased as well.
According to the firm, structural and procedural reforms such as reducing bank guarantees, rationalising AGR definitions, and lowering interest rates, among other things, would benefit all operators in the long term and allow them to invest more in network development and improvement. On Friday, the company’s stock finished 4.6 per cent higher on the BSE at Rs 10.34.
Lenovo businesses in India registered $621 million revenue in September quarter
