Results     26-May-23
Analysis
Vodafone Idea
Revenues up by 2.9% YoY to Rs 10531.9 cr in Q4FY2023
On consolidated basis

Quarter ended March 2023 compared with Quarter ended March 2022.

Net sales (including other operating income) of Vodafone Idea has increased 2.86% to Rs 10531.9 crore.  

Operating profit margin has declined from 45.40% to 39.98%, leading to 9.44% decline in operating profit to Rs 4,210.30 crore.  Purchase of finished goods cost fell from 0.05% to 0.03%.   Employee cost increased from 4.59% to 4.60%.   Other expenses rose from 49.95% to 55.39%.   Selling and administration expenses rose from 8.57% to 11.87%.   Telecommuncation charges rose from 28.01% to 32.96%.   

Other income rose 190.40% to Rs 93.8 crore.  PBIDT fell 8.06% to Rs 4304.1 crore.  Provision for interest fell 5.92% to Rs 5001.6 crore.  Loan funds rose to Rs 2,37,766.00 crore as of 31 March 2023 from Rs 2,13,761.10 crore as of 31 March 2022.  Inventories rose to Rs 16.30 crore as of 31 March 2023 from Rs 2.30 crore as of 31 March 2022.  Sundry debtors were lower at Rs 2,164.00 crore as of 31 March 2023 compared to Rs 2,443.90 crore as of 31 March 2022.  Cash and bank balance declined from Rs 3,496.60 crore as of 31 March 2022 to Rs 855.40 crore as of 31 March 2023.  Investments rose to Rs 5.80 crore as of 31 March 2023 from Rs 5.30 crore as of 31 March 2022 .  

PBDT fell 9.86% to Rs 697.5 crore.  Provision for depreciation fell 3.54% to Rs 5703.7 crore.  Fixed assets increased to Rs 60,121.40 crore as of 31 March 2023 from Rs 53,956.60 crore as of 31 March 2022.  Intangible assets increased from Rs 1,03,226.30 crore to Rs 1,14,010.20 crore.  

Loss before tax has fallen 2.24% to Rs -6,401.20 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were decreased to Rs -22.40 crore.  Provision for tax was credit of Rs 4.7 crore, compared to debit of Rs 1.8 crore.  Effective tax rate was 0.07% compared to negative 0.03%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 2.20% to Rs -6,418.90 crore.  

Equity capital increased from Rs 32,118.80 crore as of 31 March 2022 to Rs 48,679.70 crore as of 31 March 2023.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 50.36% as of 31 March 2023 ,compared to 74.99% as of 31 March 2022 .  

Full year results analysis.

Net sales (including other operating income) of Vodafone Idea has increased 9.51% to Rs 42177.2 crore.  

Operating profit margin has declined from 41.64% to 39.87%, leading to 4.87% rise in operating profit to Rs 16,817.00 crore.  Employee cost decreased from 4.50% to 4.42%.   Other expenses rose from 53.84% to 55.68%.   Selling and administration expenses rose from 7.66% to 10.95%.   Telecommuncation charges rose from 33.06% to 33.14%.   

Other income rose 140.57% to Rs 311.3 crore.  PBIDT rose 5.96% to Rs 17128.3 crore.  Provision for interest rose 11.31% to Rs 23354.3 crore.  Loan funds rose to Rs 2,37,766.00 crore as of 31 March 2023 from Rs 2,13,761.10 crore as of 31 March 2022.  Inventories rose to Rs 16.30 crore as of 31 March 2023 from Rs 2.30 crore as of 31 March 2022.  Sundry debtors were lower at Rs 2,164.00 crore as of 31 March 2023 compared to Rs 2,443.90 crore as of 31 March 2022.  Cash and bank balance declined from Rs 3,496.60 crore as of 31 March 2022 to Rs 855.40 crore as of 31 March 2023.  Investments rose to Rs 5.80 crore as of 31 March 2023 from Rs 5.30 crore as of 31 March 2022 .  

PBDT fell 29.30% to Rs 6226 crore.  Provision for depreciation fell 2.27% to Rs 23049.7 crore.  Fixed assets increased to Rs 60,121.40 crore as of 31 March 2023 from Rs 53,956.60 crore as of 31 March 2022.  Intangible assets increased from Rs 1,03,226.30 crore to Rs 1,14,010.20 crore.  

Profit before tax down 3.08% to Rs -29,275.70 crore.  Share of profit/loss was 58.33% lower at Rs 0.5 crore.  Provision for tax was expense of Rs 3.5 crore, compared to Rs 11.3 crore.  Effective tax rate was negative 0.01% compared to negative 0.04%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 3.74% to Rs -29,301.10 crore.  

Equity capital increased from Rs 32,118.80 crore as of 31 March 2022 to Rs 48,679.70 crore as of 31 March 2023.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 50.36% as of 31 March 2023 ,compared to 74.99% as of 31 March 2022 .  

Cash flow from operating activities increased to Rs 18,868.70 crore for year ended March 2023 from Rs 17,387.00 crore for year ended March 2022.  Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 3,942.20 crore, compared to Rs 6,008.90 crore during the year ended March 2022.  

 

Others:

ARPU improved to Rs. 135, up 9.3% YoY vs Rs. 124 in Q4FY22 primarily aided by migration of subscribers to higher ARPU plans. The 4G subscriber base continued to grow and with 1.1 million 4G customers addition in Q4, 4G subscriber base stood at 122.6 million. However, the overall subscriber base declined to 225.9 million vs 228.6 million in Q3FY23. Data usage per broadband customer stood at 15.1 GB/month with the total data traffic for the quarter witnessing QoQ growth of 0.7%.

Management Commentary:

Commenting on the performance Akshaya Moondra, CEO, Vodafone Idea Limited, said “We are pleased to report annual revenue growth for the first time post –merger on the back of consistently improving performance for last several quarters. Our annual revenue and EBITDA grew by 9.5% and 24.1% respectively compared to last financial year. We continue to see growth in ARPU and 4G subscribers. During the quarter, we have issued equity shares to the Government of India, against the loan representing the NPV of interest related to deferment of spectrum and AGR. We continue to remain engaged with our lenders for further debt fund raising as well as with other parties for equity or equity linked fund raising, to make required investments for network expansion, including 5G rollout.”



Vodafone Idea : Consolidated Results
 Quarter endedYear ended
Particulars202303202203Var.(%)202303202203Var.(%)
Net Sales (including other operating income)10,531.9010,239.502.8642,177.2038,515.509.51
OPM (%)39.9845.40-543 bps39.8741.64-176 bps
OP4,210.304,649.00-9.4416,817.0016,036.104.87
Other Inc.93.8032.30190.40311.30129.40140.57
PBIDT4,304.104,681.30-8.0617,128.3016,165.505.96
Interest5,001.605,316.20-5.9223,354.3020,980.8011.31
PBDT-697.50-634.90-9.86-6,226.00-4,815.30-29.30
Depreciation5703.75913-3.5423049.723584.3-2.27
PBT-6,401.20-6,547.902.24-29275.7-28399.6-3.08
Share of Profit/(Loss) from Associates00.3-0.51.2-58.33
PBT before EO-6401.2-6547.62.24-29275.2-28398.4-3.09
EO Income-22.4-13.7-63.50-22.4164.3PL
PBT after EO-6423.6-6561.32.10-29297.6-28234.1-3.77
Taxation-4.71.8LP3.511.3-69.03
PAT-6418.9-6563.12.20-29301.1-28245.4-3.74
Minority Interest (MI)00-00-
Net profit-6418.9-6563.12.20-29301.1-28245.4-3.74
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations-6418.9-6563.12.20-29301.1-28245.4-3.74
EPS (Rs)*-1.31-1.352.31-6.01-5.83-3.09
* EPS is on current equity of Rs 48,679.69 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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