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Vodafone Idea expects another hike in mobile services rates this year

In a statement, MD and CEO of Vodafone Idea, Ravinder Takkar has said that “we would expect that it’s possible that there could be another price hike in 2022 but certainly at some point the price hike will take place.” Adding to it, Takkar says “The last one was almost 2 years earlier which I believe is a bit long. We certainly would expect less than two years but in 2022, we will have to see how quickly these prices get embedded. Probably, it could 2023 as well.”

Vodafone Idea mobile tariff rate hike
Previously, the telecommunications company has already lost almost two crore users after it hiked its prices. It was just last week that Vodafone announced the widening of its consolidated loss to Rs. 7,230.9 crore in the quarter that ended December 2021. Further, the company just hiked the price of its plans in November 2021. During the same time in 2020, Vodafone Idea has to face losses worth Rs. 4,532.1 crore.
VIL’s total gross debt, excluding lease liabilities and including interest accrued but not due, as of December 31, 2021, stood at Rs.

1,98,980 crore, comprising of deferred spectrum payment obligations of Rs. 1,11,300 crore, AGR liability of Rs. 64,620 crore that is due to the government and debt from banks and financial institutions of Rs. 23,060 crore. Additionally, to compensate for the interest on its debts, the company has decided to pay Rs. 16,000 crore through preferential shares, and hence the government will end up holding a 35.8% stake in the company.

Debt-ridden telecom operator Vodafone Idea in November 2021 announced an increase in mobile call and data tariffs across plans by 20-25%. The higher tariffs have been effective from November 25, it said in a statement. The company has increased the minimum value of recharge by 25.31% for 28 days period to Rs 99 from Rs 79. In the popular unlimited category plans, Vodafone Idea has hiked the rates in the range of 20-23%. The lowest plan bundled with a per-day 1 GB data limit with 28 days validity is now priced at Rs 269. Previously, it was worth Rs 219. PTI

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