Solution news for Vodafone-Idea, burdened with debt

Vodafone Idea Limited (VIL), the private sector telecoms company, has reported a consolidated net loss of Rs 7,319 crore for the first quarter ended June 30, 2021. Due to this, the company had a net loss of Rs 25,460 crore in the same quarter of the previous financial year.

The consolidated operating income of the company was Rs. 10,659.3 crore, up from about 14 per cent to Rs. 9,152.3 crore. The company’s total debt stood at Rs 1,91,590 crore at the end of the first quarter. This includes a spectrum payment commitment of Rs 1,06,010 crore and an adjusted gross income (AGR) liability of Rs 62,180 crore.

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The cash and cash equivalents of the company at the end of the quarter were Rs 920 crore. Thus, the company had a net debt burden of Rs 1,90,670 crore. Ravinder Tucker, Managing Director and CEO of VIL said, “We are focused on implementing our strategies to help our customers. We are able to move forward. Our cost maximization plan is in place and we are in talks with potential investors to raise funds.

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