Vodafone Idea Q4 revenue up 6%

The fourth quarter revenue of Vodafone Idea improved by 6% to reach Rs. 117.5 billion thanks to increased prepaid tariffs for both unlimited plans as well as combo vouchers at the start of December 2019.

Ravinder Takkar, MD & CEO, Vodafone Idea said, “Our focus on rapid network integration, as well as 4G coverage and capacity expansion, has further improved customer experience. We have achieved our full opex merger synergy target. Despite the nationwide lockdown since March due to COVID-19, our teams across all circles continue to work effectively in these difficult times with support of the local authorities, to ensure seamless connectivity for our customers.”

EBITDA for the quarter increased to Rs. 43.8 billion, (Rs. 21.1 billion excluding IndAS 116 impact vs Rs. 12.8 billion in Q3) a QoQ increase of 28.1% driven by higher revenue and incremental synergy realisation. The EBITDA margin (excluding IndAS 116 impact) improved to 18.0% vs 11.6% in Q3FY20.

The underlying operating expenses for the quarter (excluding License fees & Spectrum Usage Charges and Roaming & Access charges) were approximately Rs. 21 billion lower compared to Q1FY19, after adjusting for inflation driven cost increases and incremental network rollout.

For FY20, Revenue and EBITDA was Rs. 449.6 billion and Rs. 149.1 billion respectively. Excluding IndAS 116 impact, EBITDA was Rs. 58.1 billion with the EBITDA margin at 12.9% for FY20.

Gross debt (excluding lease liabilities) as of March 31, 2020 was Rs. 1,150.0 billion, including deferred spectrum payment obligations due to the government of Rs. 876.5 billion. Cash & cash equivalents were Rs. 24.8 billion and net debt stood at Rs. 1,125.2 billion (vs Rs. 1,033.1 billion in Q3FY20).

Capex spend in Q4FY20 of Rs. 18.2 billion was lower compared to Rs. 33.3 billion in Q3FY20, as the rollout in Q4 was impacted by COVID-19 with disruptions to equipment supply and the nationwide lockdown. Capex for FY20 was Rs. 101.3 billion.

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