On consolidated basis
Quarter ended December 2022 compared
with Quarter ended December 2021.
Net sales (including other operating income) of Vodafone Idea has increased
9.30% to Rs 10620.6 crore.
Operating profit margin has jumped
from 39.28% to 39.37%, leading to 9.55% rise in operating profit to Rs 4,180.80
crore. Other expenses fell from 56.16% to 56.06%.
Selling and administration expenses rose from 8.13% to 12.08%.
Telecommuncation charges fell from 34.86% to 33.56%.
Other income rose 10.14% to Rs 38
crore. PBIDT rose 9.55% to Rs 4218.8 crore. Provision for
interest rose 18.74% to Rs 6322.7 crore.
PBDT fell 42.75% to Rs 2103.9
crore. Provision for depreciation rose 2.56% to Rs 5886
crore.
Profit before tax down 10.78% to Rs
-7,989.90 crore. Share of profit/loss was 100% higher at Rs 0.2
crore. Provision for tax was expense of Rs 0.3 crore, compared to Rs
5 crore. Effective tax rate was negative 0.00% compared to negative
0.07%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 10.50% to Rs -7,990.00 crore.
Promoters’ stake was 74.99% as of 31
December 2022 ,compared to 72.05% as of 31 December 2021 .
Year-to-date (YTD) results
analysis.
Net sales (including other operating income) of Vodafone Idea has
increased 11.92% to Rs 31645.3 crore.
Operating profit margin has declined
from 40.27% to 39.84%, leading to 10.71% rise in operating profit to Rs
12,606.70 crore. Employee cost decreased from 4.47% to 4.37%.
Other expenses rose from 55.25% to 55.78%. Selling and
administration expenses rose from 7.33% to 10.65%. Telecommuncation
charges fell from 34.89% to 33.20%.
Other income rose 124% to Rs 217.5
crore. PBIDT rose 11.67% to Rs 12824.2 crore. Provision
for interest rose 17.16% to Rs 18352.7 crore.
PBDT fell 32.25% to Rs 5528.5
crore. Provision for depreciation fell 1.84% to Rs 17346
crore.
Profit before tax down 4.68% to Rs
-22,874.50 crore. Share of profit/loss was 44.44% lower at Rs 0.5
crore. Provision for tax was expense of Rs 8.2 crore, compared to Rs
9.5 crore. Effective tax rate was negative 0.04% compared to
negative 0.04%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 5.53% to Rs -22,882.20 crore.
Promoters’ stake was 74.99% as of 31
December 2022 ,compared to 72.05% as of 31 December 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:
ARPU
for the quarter stands at Rs. 135 vs Rs. 131 in Q2FY23 (Rs. 115 in Q3FY22; YoY
growth of 17.4%)
4G
subscriber base increased to 121.6 million (vs 120.6 million in Q2FY23),
supported by superior data experience offered by Vi GIGAnet.
Updates
post Quarter:
Board
approved issuance of Optionally Convertible Debentures (OCDs) amounting to Rs.
16 billion to ATC Telecom Infrastructure Private Limited (ATC India) subject to
shareholders’ approval.
Issuance
of 16.13 billion equity shares to Government of India (GoI) at Rs. 10 per
share, in line with GoI order to convert NPV of interest related to deferment
of spectrum and AGR dues into equity.
Management Commentary:
Commenting on the
performance Akshaya Moondra, CEO, Vodafone Idea Limited, said “We are
pleased to report sixth consecutive quarter of revenue growth and 4G subscriber
addition on the back of superior data and voice experience offered by Vi
GIGAnet. We have issued equity shares to the Government of India recently,
consequent to conversion of the interest related to deferment of spectrum and
AGR dues into equity. Separately, our board has approved issuance of Optionally
Convertible Debentures amounting to Rs. 16 billion to ATC India. With these
positive developments, we continue to remain engaged with our lenders for
further debt fund raising as well as with other parties for equity or equity
linked fund raising, to make required investments for network expansion and 5G
rollout.”
| Vodafone Idea : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 10,620.60 | 9,717.30 | 9.30 | 31,645.30 | 28,276.00 | 11.92 | 38,515.50 | 41,952.20 | -8.19 | | OPM (%) | 39.37 | 39.28 | 9 bps | 39.84 | 40.27 | -43 bps | 41.64 | 40.39 | 124 bps | | OP | 4,180.80 | 3,816.50 | 9.55 | 12,606.70 | 11,387.10 | 10.71 | 16,036.10 | 16,945.70 | -5.37 | | Other Inc. | 38.00 | 34.50 | 10.14 | 217.50 | 97.10 | 124.00 | 129.40 | 174.20 | -25.72 | | PBIDT | 4,218.80 | 3,851.00 | 9.55 | 12,824.20 | 11,484.20 | 11.67 | 16,165.50 | 17,119.90 | -5.57 | | Interest | 6,322.70 | 5,324.80 | 18.74 | 18,352.70 | 15,664.60 | 17.16 | 20,980.80 | 17,998.10 | 16.57 | | PBDT | -2,103.90 | -1,473.80 | -42.75 | -5,528.50 | -4,180.40 | -32.25 | -4,815.30 | -878.20 | -448.31 | | Depreciation | 5886 | 5738.8 | 2.56 | 17346 | 17671.3 | -1.84 | 23584.3 | 23638.5 | -0.23 | | PBT | -7,989.90 | -7,212.60 | -10.78 | -22874.5 | -21851.7 | -4.68 | -28399.6 | -24516.7 | -15.84 | | Share of Profit/(Loss) from Associates | 0.2 | 0.1 | 100.00 | 0.5 | 0.9 | -44.44 | 1.2 | 231.4 | -99.48 | | PBT before EO | -7989.7 | -7212.5 | -10.78 | -22874 | -21850.8 | -4.68 | -28398.4 | -24285.3 | -16.94 | | EO Income | 0 | -13.4 | - | 0 | 178 | - | 164.3 | -19968.1 | LP | | PBT after EO | -7989.7 | -7225.9 | -10.57 | -22874 | -21672.8 | -5.54 | -28234.1 | -44253.4 | 36.20 | | Taxation | 0.3 | 5 | -94.00 | 8.2 | 9.5 | -13.68 | 11.3 | -20.3 | PL | | PAT | -7990 | -7230.9 | -10.50 | -22882.2 | -21682.3 | -5.53 | -28245.4 | -44233.1 | 36.14 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | -7990 | -7230.9 | -10.50 | -22882.2 | -21682.3 | -5.53 | -28245.4 | -44233.1 | 36.14 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -7990 | -7230.9 | -10.50 | -22882.2 | -21682.3 | -5.53 | -28245.4 | -44233.1 | 36.14 | | EPS (Rs)* | -1.66 | -1.49 | -10.78 | -4.74 | -4.53 | -4.72 | -5.89 | -5.03 | -17.03 | | | * EPS is on current equity of Rs 48,252.03 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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