The Supreme Court will hear fresh pleas of telcos including Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a new schedule of payment of statutory dues of Rs 1.47 lakh crore to the Department of Telecommunications
Vodafone Idea shares surged as much as 15 per cent to Rs 5.15 apiece on BSE ahead of AGR hearing today. The Supreme Court will hear fresh pleas of telcos including Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a new schedule of payment of statutory dues of Rs 1.47 lakh crore to the Department of Telecommunications. Around 9.45 AM, Vodafone Idea shares were trading 11.16 per cent higher at Rs 4.98 apiece on BSE.
The modification pleas filed by the telcos have sought more time for adjusted gross revenue (AGR) related dues payment. Earlier on January 16, Supreme Court had dismissed the review petitions of telecom companies seeking review of its earlier order asking them to pay Rs 1.47 lakh crore in past statutory dues by January 23. Vodafone Idea faces statutory dues of Rs 53,039 crore while Bharti Airtel has to pay Rs 35,586 crore. However, Airtel has already $3billion through a combination of the private placement of shares and an overseas sale of convertible bonds.
Meanwhile, Vodafone Idea has posted a loss of Rs 6,453.2 crore in the third quarter of the financial year 2019-20. The company recorded average revenue per user (ARPU), a key market indicator, of Rs 109, compared with previous quarter’s Rs 107. The company’s revenue stood at Rs 11,089.4 crore, a 2.3 per cent increase from Rs 10,844 crore in the previous quarter. Vodafone Idea had posted the largest loss of India Inc at Rs 50,897.9 crore in the second quarter of the financial year 2019-20. Ebitda was marginally up at Rs 3420.5 crore but below estimate. Ebitda margin declined by 47 basis points to 30.84%.