Vodafone Idea (Vi) has announced the financial results for quarter ended (QE) December 2020.

The company’s loss narrowed down to Rs 45.32 billion during the quarter from Rs 72.18 billion in Q2 FY21. Revenue for the quarter stood at Rs 108.9 billion, a growth of 1 per cent quarter-on-quarter (QoQ), supported by improving subscriber mix with higher 4G additions. On reported basis, earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter was Rs 42.8 billion.

EBITDA excluding IndAS 116 of Rs 21.1 billion was positively impacted due to the amortisation of subscriber acquisition cost over the average expected customer life. Additionally, EBITDA improvement was driven by higher revenue as well as incremental opex savings from our cost optimisation initiatives. Capex spend in Q3FY21 was Rs 9.7 billion in comparision to Rs 10.4 billion in Q2FY21. Gross debt (excluding lease liabilities) as of December 31, 2020 was Rs 1,173.7 billion, comprising of deferred spectrum payment obligations due to the government of Rs 942.0 billion and debt from banks and financial institutions of Rs 231.7 billion. Cash & cash equivalents were Rs 2.9 billion and net debt stood at Rs 1,170.8 billion in comparision to Rs 1,145.1 billion in Q2FY21.

At the end of the quarter, telco’s the 4G subscriber base was 109.7 million against 106.1 million in Q2FY21, an increase of 3.6 million in the quarter. The data volumes grew by 3.4 per cent QoQ, driven by higher 4G additions. Total minutes on the network declined by 1.5 per cent during the quarter compared to 4.0 per cent decline in Q2FY21.

Commenting on the results, Ravinder Takkar, managing director and chief executive officer, Vodafone Idea Limited, said, “In Q3FY21, we improved subscriber retention and operating performance, supported by Vi GIGAnet, which remains the fastest 4G network in India, as per Ookla as well the network with highest rated voice quality as per TRAI – a testimony to our superior network. We remain focused on executing our strategy, and our cost optimisation plan remains on track to deliver the targeted savings. The Board has approved funds raising to support our strategic intent and we are in active discussions with potential investors”.