Vodafone India’s service revenue dropped 29 percent on-year to 979 million euros (Rs. 7,902 crore) in the fourth quarter of 2017-18 as the country’s second-largest telco reeled under the effects of cuts in local and international interconnect rates and price wars ahead of a planned merger with Idea Cellular.
Vodafone India’s revenue was 1,379 million euros (Rs. 10,547 crore) during the fourth quarter a year ago and 1,063 million euros (Rs. 8,580 crore) in the October-December quarter. Revenue for 2017-18 fell 18.9 percent to Rs. 34,855 crore, while the loss for the year narrowed to 1,969 million euros (Rs. 15,933.6 crore) from 4,107 million euros (Rs. 33,235 crore), helped by an income tax credit of 925 million euros.
Vodafone India’s average revenue per user (ARPU) in January-March fell to its lowest ever of Rs. 105 from Rs. 114 in the previous quarter, reflecting the intense pressure on pricing that has plagued the company and its peers – Bharti Airtel and Idea Cellular – following Reliance Jio Infocomm’s entry in September 2016.