On consolidated basis
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating income) of Vodafone Idea has increased
2.86% to Rs 10531.9 crore.
Operating profit margin has declined
from 45.40% to 39.98%, leading to 9.44% decline in operating profit to Rs
4,210.30 crore. Purchase of finished goods cost fell from 0.05% to
0.03%. Employee cost increased from 4.59% to 4.60%. Other
expenses rose from 49.95% to 55.39%. Selling and administration
expenses rose from 8.57% to 11.87%. Telecommuncation charges rose
from 28.01% to 32.96%.
Other income rose 190.40% to Rs 93.8
crore. PBIDT fell 8.06% to Rs 4304.1 crore. Provision for
interest fell 5.92% to Rs 5001.6 crore. Loan funds rose to Rs
2,37,766.00 crore as of 31 March 2023 from Rs 2,13,761.10 crore as of 31 March
2022. Inventories rose to Rs 16.30 crore as of 31 March 2023 from Rs
2.30 crore as of 31 March 2022. Sundry debtors were lower at Rs
2,164.00 crore as of 31 March 2023 compared to Rs 2,443.90 crore as of 31 March
2022. Cash and bank balance declined from Rs 3,496.60 crore as of 31
March 2022 to Rs 855.40 crore as of 31 March 2023. Investments rose
to Rs 5.80 crore as of 31 March 2023 from Rs 5.30 crore as of 31 March 2022
.
PBDT fell 9.86% to Rs 697.5
crore. Provision for depreciation fell 3.54% to Rs 5703.7
crore. Fixed assets increased to Rs 60,121.40 crore as of 31 March
2023 from Rs 53,956.60 crore as of 31 March 2022. Intangible assets
increased from Rs 1,03,226.30 crore to Rs 1,14,010.20 crore.
Loss before tax has fallen 2.24% to
Rs -6,401.20 crore. Share of profit/loss were nil in both the
periods. Extraordinary items were decreased to Rs -22.40 crore. Provision
for tax was credit of Rs 4.7 crore, compared to debit of Rs 1.8
crore. Effective tax rate was 0.07% compared to negative 0.03%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 2.20% to Rs -6,418.90 crore.
Equity capital increased from Rs
32,118.80 crore as of 31 March 2022 to Rs 48,679.70 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 50.36% as of 31
March 2023 ,compared to 74.99% as of 31 March 2022 .
Full year results analysis.
Net sales (including other operating income) of Vodafone Idea has increased
9.51% to Rs 42177.2 crore.
Operating profit margin has declined
from 41.64% to 39.87%, leading to 4.87% rise in operating profit to Rs
16,817.00 crore. Employee cost decreased from 4.50% to 4.42%.
Other expenses rose from 53.84% to 55.68%. Selling and
administration expenses rose from 7.66% to 10.95%. Telecommuncation
charges rose from 33.06% to 33.14%.
Other income rose 140.57% to Rs
311.3 crore. PBIDT rose 5.96% to Rs 17128.3
crore. Provision for interest rose 11.31% to Rs 23354.3
crore. Loan funds rose to Rs 2,37,766.00 crore as of 31 March 2023
from Rs 2,13,761.10 crore as of 31 March 2022. Inventories rose to
Rs 16.30 crore as of 31 March 2023 from Rs 2.30 crore as of 31 March
2022. Sundry debtors were lower at Rs 2,164.00 crore as of 31 March
2023 compared to Rs 2,443.90 crore as of 31 March 2022. Cash and
bank balance declined from Rs 3,496.60 crore as of 31 March 2022 to Rs 855.40
crore as of 31 March 2023. Investments rose to Rs 5.80 crore as of
31 March 2023 from Rs 5.30 crore as of 31 March 2022 .
PBDT fell 29.30% to Rs 6226
crore. Provision for depreciation fell 2.27% to Rs 23049.7
crore. Fixed assets increased to Rs 60,121.40 crore as of 31 March
2023 from Rs 53,956.60 crore as of 31 March 2022. Intangible assets
increased from Rs 1,03,226.30 crore to Rs 1,14,010.20 crore.
Profit before tax down 3.08% to Rs
-29,275.70 crore. Share of profit/loss was 58.33% lower at Rs 0.5
crore. Provision for tax was expense of Rs 3.5 crore, compared to Rs
11.3 crore. Effective tax rate was negative 0.01% compared to
negative 0.04%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 3.74% to Rs -29,301.10 crore.
Equity capital increased from Rs
32,118.80 crore as of 31 March 2022 to Rs 48,679.70 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 50.36% as of 31
March 2023 ,compared to 74.99% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 18,868.70 crore for year ended March 2023 from Rs 17,387.00
crore for year ended March 2022. Cash flow used in acquiring fixed
assets during the year ended March 2023 stood at Rs 3,942.20 crore, compared to
Rs 6,008.90 crore during the year ended March 2022.
Others:
ARPU
improved to Rs. 135, up 9.3% YoY vs Rs. 124 in Q4FY22 primarily aided by
migration of subscribers to higher ARPU plans. The 4G subscriber base continued
to grow and with 1.1 million 4G customers addition in Q4, 4G subscriber base
stood at 122.6 million. However, the overall subscriber base declined to 225.9
million vs 228.6 million in Q3FY23. Data usage per broadband customer stood at
15.1 GB/month with the total data traffic for the quarter witnessing QoQ growth
of 0.7%.
Management Commentary:
Commenting on the
performance Akshaya Moondra, CEO, Vodafone Idea Limited, said “We are
pleased to report annual revenue growth for the first time post –merger on the
back of consistently improving performance for last several quarters. Our
annual revenue and EBITDA grew by 9.5% and 24.1% respectively compared to last
financial year. We continue to see growth in ARPU and 4G subscribers. During
the quarter, we have issued equity shares to the Government of India, against
the loan representing the NPV of interest related to deferment of spectrum and
AGR. 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, including 5G rollout.”
| Vodafone Idea : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 10,531.90 | 10,239.50 | 2.86 | 42,177.20 | 38,515.50 | 9.51 | | OPM (%) | 39.98 | 45.40 | -543 bps | 39.87 | 41.64 | -176 bps | | OP | 4,210.30 | 4,649.00 | -9.44 | 16,817.00 | 16,036.10 | 4.87 | | Other Inc. | 93.80 | 32.30 | 190.40 | 311.30 | 129.40 | 140.57 | | PBIDT | 4,304.10 | 4,681.30 | -8.06 | 17,128.30 | 16,165.50 | 5.96 | | Interest | 5,001.60 | 5,316.20 | -5.92 | 23,354.30 | 20,980.80 | 11.31 | | PBDT | -697.50 | -634.90 | -9.86 | -6,226.00 | -4,815.30 | -29.30 | | Depreciation | 5703.7 | 5913 | -3.54 | 23049.7 | 23584.3 | -2.27 | | PBT | -6,401.20 | -6,547.90 | 2.24 | -29275.7 | -28399.6 | -3.08 | | Share of Profit/(Loss) from Associates | 0 | 0.3 | - | 0.5 | 1.2 | -58.33 | | PBT before EO | -6401.2 | -6547.6 | 2.24 | -29275.2 | -28398.4 | -3.09 | | EO Income | -22.4 | -13.7 | -63.50 | -22.4 | 164.3 | PL | | PBT after EO | -6423.6 | -6561.3 | 2.10 | -29297.6 | -28234.1 | -3.77 | | Taxation | -4.7 | 1.8 | LP | 3.5 | 11.3 | -69.03 | | PAT | -6418.9 | -6563.1 | 2.20 | -29301.1 | -28245.4 | -3.74 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | -6418.9 | -6563.1 | 2.20 | -29301.1 | -28245.4 | -3.74 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -6418.9 | -6563.1 | 2.20 | -29301.1 | -28245.4 | -3.74 | | EPS (Rs)* | -1.31 | -1.35 | 2.31 | -6.01 | -5.83 | -3.09 | | | * EPS is on current equity of Rs 48,679.69 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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