On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Vodafone Idea has increased
0.71% to Rs 10606.8 crore.
Operating profit margin has jumped
from 39.98% to 40.88%, leading to 2.98% rise in operating profit to Rs 4,335.80
crore. Employee cost increased from 4.60% to 5.13%.
Other expenses fell from 55.39% to 53.99%. Selling and
administration expenses fell from 11.87% to 11.06%.
Telecommuncation charges fell from 32.96% to 32.31%.
Other income fell 65.35% to Rs 32.5
crore. PBIDT rose 1.49% to Rs 4368.3 crore. Provision for
interest rose 25.57% to Rs 6280.3 crore. Loan funds rose to Rs
2,43,809.00 crore as of 31 March 2024 from Rs 2,37,766.00 crore as of 31 March
2023. Inventories declined from Rs 16.30 crore as of 31 March 2023
to Rs 1.20 crore as of 31 March 2024. Sundry debtors were higher at
Rs 2,194.80 crore as of 31 March 2024 compared to Rs 2,164.00 crore as of 31
March 2023. Cash and bank balance declined from Rs 855.40 crore as
of 31 March 2023 to Rs 536.20 crore as of 31 March 2024. Investments
declined from Rs 5.80 crore as of 31 March 2023 to Rs 0.50 crore as of 31 March
2024.
PBDT fell 174.12% to Rs 1912
crore. Provision for depreciation rose 0.83% to Rs 5751.3
crore. Fixed assets declined from Rs 60,121.40 crore as of 31 March
2023 to Rs 52,814.80 crore as of 31 March 2024. Intangible assets declined
from Rs 1,14,010.20 crore to Rs 1,05,499.10 crore.
Profit before tax down 19.72% to Rs
-7,663.30 crore. Share of profit/loss were nil in both the
periods. Provision for tax was debit of Rs 8.7 crore, compared to
credit of Rs 4.7 crore. Effective tax rate was negative 0.11%
compared to 0.07%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 19.56% to Rs -7,674.60 crore.
Equity capital increased from Rs
48,679.70 crore as of 31 March 2023 to Rs 50,119.80 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 48.91% as of 31
March 2024 ,compared to 50.36% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Vodafone Idea has increased
1.13% to Rs 42651.7 crore.
Operating profit margin has jumped
from 39.87% to 40.15%, leading to 1.84% rise in operating profit to Rs
17,126.00 crore. Purchase of finished goods cost rose from 0.02% to
0.04%. Employee cost increased from 4.42% to 4.98%.
Other expenses fell from 55.68% to 54.83%. Selling and
administration expenses rose from 10.95% to 11.36%.
Telecommuncation charges fell from 33.14% to 32.66%.
Other income fell 63.64% to Rs 113.2
crore. PBIDT rose 0.65% to Rs 17239.2 crore. Provision
for interest rose 10.32% to Rs 25765.5 crore. Loan funds rose to Rs
2,43,809.00 crore as of 31 March 2024 from Rs 2,37,766.00 crore as of 31 March
2023. Inventories declined from Rs 16.30 crore as of 31 March 2023
to Rs 1.20 crore as of 31 March 2024. Sundry debtors were higher at
Rs 2,194.80 crore as of 31 March 2024 compared to Rs 2,164.00 crore as of 31
March 2023. Cash and bank balance declined from Rs 855.40 crore as
of 31 March 2023 to Rs 536.20 crore as of 31 March 2024. Investments
declined from Rs 5.80 crore as of 31 March 2023 to Rs 0.50 crore as of 31 March
2024.
PBDT fell 36.95% to Rs 8526.3
crore. Provision for depreciation fell 1.81% to Rs 22633.5
crore. Fixed assets declined from Rs 60,121.40 crore as of 31 March
2023 to Rs 52,814.80 crore as of 31 March 2024. Intangible assets
declined from Rs 1,14,010.20 crore to Rs 1,05,499.10 crore.
Profit before tax down 6.44% to Rs
-31,159.80 crore. Provision for tax was expense of Rs 828.6 crore,
compared to Rs 3.5 crore. Effective tax rate was negative 2.72%
compared to negative 0.01%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 6.61% to Rs -31,238.40 crore.
Equity capital increased from Rs
48,679.70 crore as of 31 March 2023 to Rs 50,119.80 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 48.91% as of 31
March 2024 ,compared to 50.36% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 20,826.10 crore for year ended March 2024 from Rs 18,868.70
crore for year ended March 2023. Cash flow used in acquiring fixed
assets during the year ended March 2024 stood at Rs 1,613.90 crore, compared to
Rs 3,942.20 crore during the year ended March 2023.
Others:
ARPU
for the quarter stood at Rs. 146 vs Rs. 135 in Q4FY23; YoY growth of 7.6%.
4G
subscriber base increased to 126.3 million vs 122.6 million in Q4FY23.
Raised Rs 18000 crore via FPO.
Shareholders approved the equity
issuance of Rs. 2075 crore via Preferential allotment to one entity of ABG (Promoter
group) at a price of Rs 14.87 per equity share.
ATC converted Optionally convertible
debentures amounting to Rs. 1440 crore into equity shares.
Debt Fund Raise
The company is in discussions with
consortium of banks to raise upto Rs 25000 crore and additional non-fund based facilities
of upto Rs 10000 crore. Post the Telecom reforms package in September 2021, the
company’s bank exposure has reduced byRs 34600 crore.
CAPEX: The
company plans to incur CAPEX of RS 50000 to 55000 crore in next three years.
The capex will be towards expanding
4G population coverage in 17 priority circles, 5G launch in key cities /
geographies and capacity expansion to address the increasing data demand.
Management Commentary:
Commenting on the
performance Akshaya Moondra, CEO, Vodafone Idea Limited, said “We are pleased
to report annual revenue and EBITDA (pre- IndAS) growth for the second
consecutive year on the back of consistently improving performance for last
several quarters despite significantly lower investments; a clear reflection of
our execution capabilities. We registered growth in ARPU and 4G subscribers for
11 successive quarters. Our equity fund raise of Rs. 215 billion will enable us
to kickstart the investment cycle to expand our 4G coverage as well as launch
of 5G services to effectively participate in the industry growth opportunities.
We are engaged with our lenders for tying up debt funding towards the execution
of our overall network expansion plan.”
| Vodafone Idea : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 10,606.80 | 10,531.90 | 0.71 | 42,651.70 | 42,177.20 | 1.13 | | OPM (%) | 40.88 | 39.98 | 90 bps | 40.15 | 39.87 | 28 bps | | OP | 4,335.80 | 4,210.30 | 2.98 | 17,126.00 | 16,817.00 | 1.84 | | Other Inc. | 32.50 | 93.80 | -65.35 | 113.20 | 311.30 | -63.64 | | PBIDT | 4,368.30 | 4,304.10 | 1.49 | 17,239.20 | 17,128.30 | 0.65 | | Interest | 6,280.30 | 5,001.60 | 25.57 | 25,765.50 | 23,354.30 | 10.32 | | PBDT | -1,912.00 | -697.50 | -174.12 | -8,526.30 | -6,226.00 | -36.95 | | Depreciation | 5751.3 | 5703.7 | 0.83 | 22633.5 | 23049.7 | -1.81 | | PBT | -7,663.30 | -6,401.20 | -19.72 | -31159.8 | -29275.7 | -6.44 | | Share of Profit/(Loss) from Associates | -2.6 | 0 | - | -5.5 | 0.5 | PL | | PBT before EO | -7665.9 | -6401.2 | -19.76 | -31165.3 | -29275.2 | -6.46 | | EO Income | 0 | -22.4 | - | 755.5 | -22.4 | LP | | PBT after EO | -7665.9 | -6423.6 | -19.34 | -30409.8 | -29297.6 | -3.80 | | Taxation | 8.7 | -4.7 | PL | 828.6 | 3.5 | 23,574.30 | | PAT | -7674.6 | -6418.9 | -19.56 | -31238.4 | -29301.1 | -6.61 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | -7674.6 | -6418.9 | -19.56 | -31238.4 | -29301.1 | -6.61 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -7674.6 | -6418.9 | -19.56 | -31238.4 | -29301.1 | -6.61 | | EPS (Rs)* | -1.15 | -0.96 | -19.98 | -4.69 | -4.40 | -6.46 | | | * EPS is on current equity of Rs 66,483.46 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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