Results     15-Aug-23
Analysis
Vodafone Idea
Net loss widens to Rs 7840 crore in Q1FY2024
On consolidated basis

Quarter ended June 2023 compared with Quarter ended June 2022.

Net sales (including other operating income) of Vodafone Idea has increased 2.36% to Rs 10655.5 crore.  

Operating profit margin has declined from 41.58% to 39.01%, leading to 3.96% decline in operating profit to Rs 4,157.00 crore.  Purchase of finished goods cost rose from 0.01% to 0.12%.   Employee cost increased from 4.37% to 4.70%.   Other expenses rose from 54.04% to 56.17%.   Selling and administration expenses rose from 9.47% to 12.14%.   Telecommuncation charges rose from 31.09% to 33.28%.   

Other income fell 74.49% to Rs 21.3 crore.  PBIDT fell 5.29% to Rs 4178.3 crore.  Provision for interest rose 8.43% to Rs 6398.2 crore.  

PBDT fell 49.09% to Rs 2219.9 crore.  Provision for depreciation fell 3.24% to Rs 5616.5 crore.  

Profit before tax down 7.45% to Rs -7,836.40 crore.  Provision for tax was expense of Rs 3 crore, compared to Rs 3.8 crore.  Effective tax rate was negative 0.04% compared to negative 0.05%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 7.45% to Rs -7,840.00 crore.  

Promoters’ stake was 50.36% as of 30 June 2023 ,compared to 74.99% as of 30 June 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. 139, up 2.9% QoQ vs Rs. 135 in Q4FY23.

4G subscriber base increased to 122.9 million vs 122.6 million in Q4FY23.

Launched ‘Vi One’, a converged offering bundling mobility, fiber and over-the-top (OTT) subscriptions under a single plan; an industry first for prepaid market.

Management Commentary:

Commenting on the performance Akshaya Moondra, CEO, Vodafone Idea Limited, said “The eighth consecutive quarter of growth in average daily revenue, ARPU and 4G subscribers, clearly reflects our ability to effectively operate and compete in the market. Recently, we launched ‘Vi One’, a converged offering bundling mobility, broadband & content under a single plan bringing convenience and value to the consumers; an industry first in prepaid space. We 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
Particulars202306202206Var.(%)202303202203Var.(%)
Net Sales (including other operating income)10,655.5010,410.102.3642,177.2038,515.509.51
OPM (%)39.0141.58-257 bps39.8741.64-176 bps
OP4,157.004,328.40-3.9616,817.0016,036.104.87
Other Inc.21.3083.50-74.49311.30129.40140.57
PBIDT4,178.304,411.90-5.2917,128.3016,165.505.96
Interest6,398.205,900.908.4323,354.3020,980.8011.31
PBDT-2,219.90-1,489.00-49.09-6,226.00-4,815.30-29.30
Depreciation5616.55804.3-3.2423049.723584.3-2.27
PBT-7,836.40-7,293.30-7.45-29275.7-28399.6-3.08
Share of Profit/(Loss) from Associates-0.60.4PL0.51.2-58.33
PBT before EO-7837-7292.9-7.46-29275.2-28398.4-3.09
EO Income00--22.4164.3PL
PBT after EO-7837-7292.9-7.46-29297.6-28234.1-3.77
Taxation33.8-21.053.511.3-69.03
PAT-7840-7296.7-7.45-29301.1-28245.4-3.74
Minority Interest (MI)00-00-
Net profit-7840-7296.7-7.45-29301.1-28245.4-3.74
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations-7840-7296.7-7.45-29301.1-28245.4-3.74
EPS (Rs)*-1.61-1.50-7.45-6.01-5.83-3.09
* 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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