Promoter Group to Save Vodafone Idea! 2000 crore will help in repaying the loan.

Vodafone Idea: Vodafone Idea, which has been plagued by financial problems for a long time, has received assurances of support from the promoter group. Disclosing the matter to the stock market on Monday, the telecom company has said that the company had a total debt of Rs 2.11 lakh crore as on June 30, 2023. In this case, the company needs a loan of Rs 2,000 crore for immediate repayment of the debt, for which Vodafone Idea’s promoter group has assured to help directly or indirectly.

Increase in loss of the company

The company’s loss has widened to Rs 7,840 crore in the June quarter ended in the current financial year. On the other hand, if we talk about last year, there was a total loss of Rs 7,297 crore during this period. In such a quarter of this year, the company’s loss has recorded a huge increase of 7 percent. At the same time, the company’s loss in the first quarter between January and March was Rs 6,419 crore.

Increase in average revenue per user

Vodafone Idea’s total revenue for the first quarter of fiscal 2023 has registered a marginal increase of 2 percent, according to information given to the stock market on Monday. The company’s operating revenue rose from Rs 10,410 crore in the previous quarter to Rs 10,655 crore this year. Along with this, the company has registered a marginal increase in average revenue per user of 2.9 percent to Rs 139 from Rs 135 in the first quarter.

Significantly, the total debt on Idea-Vodafone increased to Rs 2.11 lakh in the quarter ending April-June. Of this, a loan of Rs 1.33 lakh crore is in the form of deferred spectrum repayment. At the same time, there is an outstanding balance of Rs 66,860 crore towards AGR, which the company has to pay to the government.

The CEO said this.

Amidst Vodafone Idea’s mounting debt, its subscriber base is also recording a sharp decline. The number of users in the last quarter was 225.9 million which has decreased to 221 million in this quarter. Amid rising debt, the company’s CEO Akshay Mundra has said that the company is seeing an increase in the number of 4G subscribers in its daily revenue. In such a situation, he has expressed the confidence that the chances of the company’s survival in the market have increased in the coming time. Along with this, he said that the company is continuously talking to its creditors to repay its debt and extend its deadline. Along with this, they have expressed confidence to bring 5G service in the near future.

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