Vodafone Idea Q1 loss widens to Rs 25,460 crore – Times of India

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NEW DELHI: Telecom operator Vodafone Idea on Thursday posted a massive Rs 25,460 crore loss for the first quarter ended June 2020 due to provisions for statutory dues. The company had reported a loss of Rs 4,874 crore in the same period last year.
In a regulatory filing, the debt-laden telecom company said it recognised an additional charge of Rs 19,440.5 crore in June quarter towards AGR (adjusted gross revenue) liabilities.
The company’s revenue from operations also declined 5.4 per cent to Rs 10,659 crore in Q1 from Rs 11,269 posted in the same quarter last fiscal.
Commenting on the results, Ravinder Takkar, managing director and CEO of Vodafone Idea said: “Q1FY21 was a challenging quarter as availability of recharges due to store closure and ability of customers to recharge on account of economic slowdown were impacted.”
The company said that the first quarter numbers were impacted by the nationwide lockdown due to coronavirus.
Shares of Vodafone Idea closed 0.72 per cent lower at Rs 8.25 on the BSE, while it settled flat at Rs 8.30 on the NSE.