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Neutral Vodafone Idea; target of Rs 7, Motilal Oswal

Vodafone Idea (VIL) posted 3% QoQ EBITDA growth (pre Ind AS-116), aided by slight moderation in subscriber churn and flat ARPU along with lower network cost in 4QFY23. Capex remained low as VIL awaits capital raise. Subscriber loss continued; however, VIL has taken some price increase in the minimum recharge category in select circles to drive profitability. After the Government’s equity conversion, there has been a progress towards fund raise as investors seek clarity.

However, with INR84b of debt repayment scheduled in FY24E against an EBITDA of INR89b (pre IND-AS 116), the liquidity situation remains bleak. We reiterate our Neutral rating.

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