Vodafone Idea Q2 loss narrows to Rs 7,218 crore

Debt-ridden telecom firm Vodafone Idea on Thursday reported narrowing of its consolidated loss to Rs 7,218.2 crore for the quarter ended September 2020.

The company had posted a loss of Rs 50,897.9 crore in the same quarter of the previous fiscal on account of making provisions for statutory due payments.

Total income declined by about 3 percent to Rs 10,830.5 crore during the reported quarter, from Rs 11,146.4 crore in the corresponding period of 2019-20.

Vodafone Idea MD and CEO Ravinder Takkar said while challenges related to COVID-19 continue, the second quarter has shown signs of recovery with a gradual improvement in economic activities.

“We are executing on our strategy and our cost optimization exercise has already started to yield incremental savings.”

“We have also initiated a fund raising exercise to support our strategic intent. Further, we continue to interact with the government seeking long term solutions to the critical challenges, which the industry faces,” Takkar said.

The company reported decline in subscriber base to 27.18 crore in Q2 FY21, from 27.98 crore in Q1 FY21. PTI