On consolidated basis
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating
income) of Vodafone Idea has increased 13.74% to Rs 10410.1 crore.
Operating profit margin has jumped
from 40.51% to 41.58%, leading to 16.74% rise in operating profit to Rs
4,328.40 crore. Employee cost increased from 4.18% to 4.37%.
Other expenses fell from 55.29% to 54.04%. Selling and
administration expenses rose from 6.86% to 9.47%. Telecommuncation
charges fell from 34.55% to 31.09%.
Other
income rose 149.25% to Rs 83.5 crore. PBIDT rose 17.93% to Rs 4411.9
crore. Provision for interest rose 12.86% to Rs 5900.9
crore.
PBDT
fell 0.12% to Rs 1489 crore. Provision for depreciation fell 3.42%
to Rs 5804.3 crore.
Loss
before tax has fallen 2.72% to Rs -7,293.30 crore. Share of
profit/loss was 20% lower at Rs 0.4 crore. Provision for tax was
expense of Rs 3.8 crore, compared to Rs 0.5 crore. Effective tax
rate was negative 0.05% compared to negative 0.01%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 0.31% to Rs -7,296.70 crore.
Promoters’
stake was 74.99% as of 30 June 2022 ,compared to 72.05% as of 30 June 2021
.
Full year results analysis.
Net sales (including other operating
income) of Vodafone Idea has declined 8.19% to Rs 38515.5 crore.
Operating profit margin has jumped
from 40.39% to 41.64%, leading to 5.37% decline in operating profit to Rs
16,036.10 crore. Purchase of finished goods cost rose from 0.01% to
0.02%. Employee cost decreased from 4.84% to 4.50%.
Other expenses fell from 54.76% to 53.84%. Selling and
administration expenses rose from 6.09% to 7.66%. Telecommuncation
charges fell from 35.48% to 33.06%.
Other
income fell 25.72% to Rs 129.4 crore. PBIDT fell 5.57% to Rs 16165.5
crore. Provision for interest rose 16.57% to Rs 20980.8
crore. Loan funds rose to Rs 2,13,761.10 crore as of 31 March 2022
from Rs 2,01,720.20 crore as of 31 March 2021. Inventories rose to
Rs 2.30 crore as of 31 March 2022 from Rs 0.60 crore as of 31 March
2021. Sundry debtors were lower at Rs 2,443.90 crore as of 31 March
2022 compared to Rs 2,507.00 crore as of 31 March 2021. Cash and
bank balance rose to Rs 3,496.60 crore as of 31 March 2022 from Rs 2,216.50
crore as of 31 March 2021. Investments rose to Rs 5.30 crore as of
31 March 2022 from Rs 4.10 crore as of 31 March 2021 .
PBDT
fell 448.31% to Rs 4815.3 crore. Provision for depreciation fell
0.23% to Rs 23584.3 crore. Fixed assets declined from Rs 58,170.00
crore as of 31 March 2021 to Rs 53,956.60 crore as of 31 March
2022. Intangible assets declined from Rs 1,09,926.30 crore to Rs
1,03,226.30 crore.
Profit
before tax down 15.84% to Rs -28,399.60 crore. Share of profit/loss
was 99.48% lower at Rs 1.2 crore. Provision for tax was debit of Rs
11.3 crore, compared to credit of Rs 20.3 crore. Effective tax rate
was negative 0.04% compared to 0.05%.
Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 36.14% to Rs -28,245.40 crore.
Equity
capital increased from Rs 28,735.40 crore as of 31 March 2021 to Rs 32,118.80
crore as of 31 March 2022. Per share face Value remained same at Rs
10.00.
Promoters’
stake was 74.99% as of 31 March 2022 ,compared to 72.05% as of 31 March 2021
.
Cash
flow from operating activities increased to Rs 17,387.00 crore for year ended
March 2022 from Rs 15,639.70 crore for year ended March 2021. Cash
flow used in acquiring fixed assets during the year ended March 2022 stood at
Rs 6,008.90 crore, compared to Rs 4,709.70 crore during the year ended March
2021.
Others:
Capex spend for Q1FY23 was Rs. 8.4 billion vs Rs. 12.1
billion in Q4FY22.
The total gross debt (excluding lease liabilities and
including interest accrued but not due) as of June 30, 2022 stands at Rs.
1,990.8 billion, comprising of deferred spectrum payment obligations of Rs.
1,166.0 billion, AGR liability of Rs. 672.7 billion that are due to the
Government and debt from banks and financial institutions of Rs. 152.0 billion.
Non Executive Director: The
Board has unanimously elected
Mr. Ravinder Takkar, currently the Managing Director and Chief Executive
Officer till 18th August, 2022 and who becomes a Non-Executive Director
effective 19th August, 2022, as the Non-Executive Chairman.
Preferential
allotment : On July 25, 2022, the Capital Raising Committee of the Board of
Directors considered and approved the allotment of 427.7 million warrants to
Vodafone Group on a preferential basis for the aggregate consideration of Rs.
440 cr, in cash with face value of Rs. 10.20 per warrant, with a right to the
warrant holder to apply for and be allotted 1 (one) Equity Share of face value
of Rs. 10 each at a premium of Rs. 0.20 for each warrant. This coupled with the
preferential raise of Rs. 45 billion in March 2022, takes the total fund
infusion by the promoter groups to Rs. 4940 cr between March 2022 and July
2022.
5G Auction Update:
The company has successfully acquired mid band 5G spectrum (3300 MHz band) in
its 17 priority circles and mmWave 5G spectrum (26 GHz band) in 16 circles,
which will enable the company to offer superior 5G experience to its customers
as well as strengthen its enterprise offerings and provide new opportunities
for business growth in the emerging 5G era.
The total commitment for the spectrum acquired in the auction is Rs. 188.0 billion, with annual Installment of Rs. 16.8 billion.
Management Commentary
Commenting on the performance
Ravinder Takkar,M D & CEO, Vadofone Idea Limited, said “We are
pleased to announce fourth consecutive quarter of revenue growth. We continue
to witness 4G subscriber growth on the back of superior data and voice
experience offered by Vi GIGAnet as well as due to our focus on creating
differentiated digital experience for our customers. In the recently concluded
spectrum auction, we have acquired sufficient spectrum in our key markets to
offer superior 5G experience to our customers. We also completed the first
tranche of fund raising in the form of preferential equity contribution of ~Rs.
49.4 billion from our promoters, including the incremental infusion of ~Rs. 4.4
billion by Vodafone Group in July 2022. We continue to remain engaged with
lenders and investors for further fund raising.”
| Vodafone Idea : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 10,410.10 | 9,152.30 | 13.74 | 38,515.50 | 41,952.20 | -8.19 | | OPM (%) | 41.58 | 40.51 | 107 bps | 41.64 | 40.39 | 124 bps | | OP | 4,328.40 | 3,707.70 | 16.74 | 16,036.10 | 16,945.70 | -5.37 | | Other Inc. | 83.50 | 33.50 | 149.25 | 129.40 | 174.20 | -25.72 | | PBIDT | 4,411.90 | 3,741.20 | 17.93 | 16,165.50 | 17,119.90 | -5.57 | | Interest | 5,900.90 | 5,228.40 | 12.86 | 20,980.80 | 17,998.10 | 16.57 | | PBDT | -1,489.00 | -1,487.20 | -0.12 | -4,815.30 | -878.20 | -448.31 | | Depreciation | 5804.3 | 6009.8 | -3.42 | 23584.3 | 23638.5 | -0.23 | | PBT | -7,293.30 | -7,497.00 | 2.72 | -28399.6 | -24516.7 | -15.84 | | Share of Profit/(Loss) from Associates | 0.4 | 0.5 | -20.00 | 1.2 | 231.4 | -99.48 | | PBT before EO | -7292.9 | -7496.5 | 2.72 | -28398.4 | -24285.3 | -16.94 | | EO Income | 0 | 177.9 | - | 164.3 | -19968.1 | LP | | PBT after EO | -7292.9 | -7318.6 | 0.35 | -28234.1 | -44253.4 | 36.20 | | Taxation | 3.8 | 0.5 | 660.00 | 11.3 | -20.3 | PL | | PAT | -7296.7 | -7319.1 | 0.31 | -28245.4 | -44233.1 | 36.14 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | -7296.7 | -7319.1 | 0.31 | -28245.4 | -44233.1 | 36.14 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -7296.7 | -7319.1 | 0.31 | -28245.4 | -44233.1 | 36.14 | | EPS (Rs)* | -2.27 | -2.33 | 2.67 | -8.84 | -7.55 | -17.03 | | | * EPS is on current equity of Rs 32,118.85 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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