Results     11-May-22
Analysis
Vodafone Idea
Revenue up 6.6% to Rs 10,239.5 cr in Q4FY2022
On consolidated basis

Quarter ended March 2022 compared with Quarter ended March 2021.

Net sales (including other operating income) of Vodafone Idea has increased 6.58% to Rs 10239.5 crore.  

Operating profit margin has declined from 45.89% to 45.40%, leading to 5.45% rise in operating profit to Rs 4,649.00 crore.  Purchase of finished goods cost rose from 0.01% to 0.05%.   Other expenses rose from 49.52% to 49.95%.   Selling and administration expenses rose from 6.76% to 8.57%.   Telecommuncation charges fell from 28.98% to 28.01%.   

Other income fell 19.65% to Rs 32.3 crore.  PBIDT rose 5.22% to Rs 4681.3 crore.  Provision for interest rose 12.95% to Rs 5316.2 crore.  Loan funds rose to Rs 2,13,761.10 crore as of 31 March 2022 from Rs 2,01,720.20 crore as of 31 March 2021.  Inventories rose to Rs 2.30 crore as of 31 March 2022 from Rs 0.60 crore as of 31 March 2021.  Sundry debtors were lower at Rs 2,443.90 crore as of 31 March 2022 compared to Rs 2,507.00 crore as of 31 March 2021.  Cash and bank balance rose to Rs 3,496.60 crore as of 31 March 2022 from Rs 2,216.50 crore as of 31 March 2021.  Investments rose to Rs 5.30 crore as of 31 March 2022 from Rs 4.10 crore as of 31 March 2021 .  

PBDT fell 146.37% to Rs 634.9 crore.  Provision for depreciation rose 1.77% to Rs 5913 crore.  Fixed assets declined from Rs 58,170.00 crore as of 31 March 2021 to Rs 53,956.60 crore as of 31 March 2022.  Intangible assets declined from Rs 1,09,926.30 crore to Rs 1,03,226.30 crore.  

Profit before tax down 7.91% to Rs -6,547.90 crore.  Extraordinary items were increased to Rs -13.70 crore.  Provision for tax was debit of Rs 1.8 crore, compared to credit of Rs 19.5 crore.  Effective tax rate was negative 0.03% compared to 0.28%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 6.55% to Rs -6,563.10 crore.  

Equity capital increased from Rs 28,735.40 crore as of 31 March 2021 to Rs 32,118.80 crore as of 31 March 2022.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 74.99% as of 31 March 2022 ,compared to 72.05% as of 31 March 2021 .  

Full year results analysis.

Net sales (including other operating income) of Vodafone Idea has declined 8.19% to Rs 38515.5 crore.  

Operating profit margin has jumped from 40.39% to 41.64%, leading to 5.37% decline in operating profit to Rs 16,036.10 crore.  Purchase of finished goods cost rose from 0.01% to 0.02%.   Employee cost decreased from 4.84% to 4.50%.   Other expenses fell from 54.76% to 53.84%.   Selling and administration expenses rose from 6.09% to 7.66%.   Telecommuncation charges fell from 35.48% to 33.06%.   

Other income fell 25.72% to Rs 129.4 crore.  PBIDT fell 5.57% to Rs 16165.5 crore.  Provision for interest rose 16.57% to Rs 20980.8 crore.  Loan funds rose to Rs 2,13,761.10 crore as of 31 March 2022 from Rs 2,01,720.20 crore as of 31 March 2021.  Inventories rose to Rs 2.30 crore as of 31 March 2022 from Rs 0.60 crore as of 31 March 2021.  Sundry debtors were lower at Rs 2,443.90 crore as of 31 March 2022 compared to Rs 2,507.00 crore as of 31 March 2021.  Cash and bank balance rose to Rs 3,496.60 crore as of 31 March 2022 from Rs 2,216.50 crore as of 31 March 2021.  Investments rose to Rs 5.30 crore as of 31 March 2022 from Rs 4.10 crore as of 31 March 2021 .  

PBDT fell 448.31% to Rs 4815.3 crore.  Provision for depreciation fell 0.23% to Rs 23584.3 crore.  Fixed assets declined from Rs 58,170.00 crore as of 31 March 2021 to Rs 53,956.60 crore as of 31 March 2022.  Intangible assets declined from Rs 1,09,926.30 crore to Rs 1,03,226.30 crore.  

Profit before tax down 15.84% to Rs -28,399.60 crore.  Share of profit/loss was 99.48% lower at Rs 1.2 crore.  Provision for tax was debit of Rs 11.3 crore, compared to credit of Rs 20.3 crore.  Effective tax rate was negative 0.04% compared to 0.05%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 36.14% to Rs -28,245.40 crore.  

Equity capital increased from Rs 28,735.40 crore as of 31 March 2021 to Rs 32,118.80 crore as of 31 March 2022.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 74.99% as of 31 March 2022 ,compared to 72.05% as of 31 March 2021 .  

Cash flow from operating activities increased to Rs 17,387.00 crore for year ended March 2022 from Rs 15,639.70 crore for year ended March 2021.  Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 6,008.90 crore, compared to Rs 4,709.70 crore during the year ended March 2021.  

Preferential Allotment: On March 31, 2022, the company completed the allotment of 33.8 billion equity shares of face value of Rs. 10/- each at an issue price of Rs. 13.30 per share (including premium of Rs. 3.30 per share) which is at a premium compared to floor price as per SEBI ICDR Regulations, for an aggregate consideration of Rs. 45.0 billion, to Promoters/Promoters Group entities on a preferential basis. Vodafone Group has contributed Rs. 33.75 billion and Aditya Birla Group has contributed Rs. 11.25 billion. As a result of this preferential allotment, the aggregate shareholding of the Promoter Group in VIL has increased from 72.05% to 74.99%. Post interest conversion into equity, the government shareholding is expected to be 33% (36% prior to preferential allotment) while the Promoters will hold ~50% on combined basis.  

Management Commentary

Commenting on the performance Ravinder Takkar,M D & CEO, Vadofone Idea Limited, said“We are pleased to announce third consecutive quarter of revenue growth driven by tariff interventions taken in November 2021. While the overall subscriber base has been impacted primarily on account of the tariff increase, the 4G subscriber base continued to grow on the back of superior data and voice experience offered by Vi GIGAnet. We are in the process of creating differentiated digital experience for our customers and added several new digital offerings across various genres during the quarter. We successfully completed first tranche of fund raising in the form of preferential equity contribution of Rs. 45 billion from our promoters. We continue to actively engage with lenders and investors for further fund raising.” 

Vodafone Idea : Consolidated Results
 Quarter endedYear ended
Particulars202203202103Var.(%)202203202103Var.(%)
Net Sales (including other operating income)10,239.509,607.606.5838,515.5041,952.20-8.19
OPM (%)45.4045.89-49 bps41.6440.39124 bps
OP4,649.004,408.705.4516,036.1016,945.70-5.37
Other Inc.32.3040.20-19.65129.40174.20-25.72
PBIDT4,681.304,448.905.2216,165.5017,119.90-5.57
Interest5,316.204,706.6012.9520,980.8017,998.1016.57
PBDT-634.90-257.70-146.37-4,815.30-878.20-448.31
Depreciation59135810.11.7723584.323638.5-0.23
PBT-6,547.90-6,067.80-7.91-28399.6-24516.7-15.84
Share of Profit/(Loss) from Associates0.3-0.2LP1.2231.4-99.48
PBT before EO-6547.6-6068-7.90-28398.4-24285.3-16.94
EO Income-13.7-974.398.59164.3-19968.1LP
PBT after EO-6561.3-7042.36.83-28234.1-44253.436.20
Taxation1.8-19.5PL11.3-20.3PL
PAT-6563.1-7022.86.55-28245.4-44233.136.14
Minority Interest (MI)00-00-
Net profit-6563.1-7022.86.55-28245.4-44233.136.14
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations-6563.1-7022.86.55-28245.4-44233.136.14
EPS (Rs)*-2.04-1.88-8.25-8.84-7.55-17.03
* EPS is on current equity of Rs 32,118.85 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


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