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Vodafone Idea stock slips 2% post Q1 earnings

On Vodafone Idea's Q1 results, Ravinder Takkar, MD and CEO of the company said, "Q1FY21 was a challenging quarter as availability of recharges due to store closure and ability of customers to recharge on account of the economic slowdown were impacted."

twitter-logoBusinessToday.In | August 6, 2020 | Updated 17:50 IST
Vodafone Idea stock slips 2% post Q1 earnings
Telecom's ARPU for Q1FY21 stood at Rs 114 as against Rs 121 in Q4FY20

Vodafone Idea share price ended marginally lower in Thursday's closing session after the telecom company reported loss for the quarter ended June 2020.

The country's third-largest telecom operator by subscribers reported a net loss of Rs 25,460 crore in the June quarter on the exceptional loss of Rs 19,923.20 crore. This was against loss of Rs 4,873.90 crore in the same period last year.

Following the result update, Vodafone Idea shares fell 2% intraday to Rs 8.15 on BSE against the earlier close of Rs 8.31. The stock also hit an intraday high of Rs 8.47 during today's session, after opening at Rs 8.28. The stock price of debt-laden telecom firm has fallen 5.39% in the last 3 days of decline.

Shares of Vodafone Idea have declined 15% in one month. Vodafone Idea stock is trading higher than 100 and 200-day moving averages but lower than 5, 20 and 50-day moving averages.

Vodafone Idea's revenue from operations declined 5.42% YoY to Rs 10,659.30 crore from Rs 11,269.9 crore reported in Q1FY20. EBITDA came at Rs 4,098.4 crore while EBITDA margin stood at 38.5%.

Telecom's ARPU for Q1FY21 stood at Rs 114 as against Rs 121 in Q4FY20

As per the regulatory filing, company's gross debt (excluding lease liabilities) as of June 30, 2020, stood at Rs 1,18,940 crore, including deferred spectrum payment obligations due to the Government of Rs 92,270 crore.

On Vodafone Idea's Q1 results, Ravinder Takkar, MD and CEO of the company said, "Q1FY21 was a challenging quarter as availability of recharges due to store closure and ability of customers to recharge on account of the economic slowdown were impacted."

"We continued to make progress on our strategy with integration largely complete, enabling us to realise cost-synergies well ahead of our initial targets. We have launched a new cost optimisation initiative that will drive further cost-savings. We also continue to actively engage with the government seeking a comprehensive relief package for the industry, which faces critical challenges," he added.

Shares of the company closed 0.72% lower at Rs 8.25 on BSE.

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