Vodafone-Idea Q3 results: Vodafone Idea on Wednesday posted a consolidated loss of Rs 5,005.7 crore for the quarter ending December. The teleco had posted a loss of Rs 4,973.80 crore in the sequential quarter ended September 30. Since the merger, it’s the first quarterly earnings reported by the combined entity.
The total income was reported at Rs 11,982.8 core during the same quarter. The income increased by 52 per cent compared to Rs 7,878.6 crore in the previous July-September quarter.
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“The initiatives taken during the quarter started showing encouraging trends by the end of the quarter. We are moving faster than expected on integration, specifically on the network front, and we are well on track to deliver our synergy targets,” Vodafone Idea CEO Balesh Sharma said.
The board of the company also approved a rights issue of up to Rs 25,000 crore. Average revenue per user (Arpu) surged to Rs 89 in Q3FY19 from Rs 88 in Q2FY19.
“We remain focused on fortifying our position in key districts by expanding the coverage and capacity of our 4G network, and target a higher share of new 4G customers, while offering an enhanced network experience to our customers. The proceeds from the announced capital raise will put us in a strong position to achieve our strategic goals,” he added.