Categories: Business

Vodafone Idea set a record for losses, loss of Rs 73,878 crore in FY 2019-20

Photo: VODAFONE IDEA

Vodafone Idea posts highest-ever loss by an Indian firm at Rs 73,878 cr in FY20

new Delhi. Vodafone Idea, the country's third-largest telecom company, said on Wednesday that its net loss stood at Rs 73,878 crore for the fiscal year ended March 2020, after the provision of statutory dues as per the Supreme Court directives. This is by far the largest annual loss to any Indian company. The court had ordered that non-telecom income would also be included in the calculation of statutory dues, after which the company had to pay Rs 51,400 crore. The company said that due to this liability serious doubts have arisen about the continuation of the company's work.

Vodafone Idea (VIL) told the stock market that its net loss was Rs 11,643.5 crore during the March quarter, compared to Rs 4,881.9 crore during the same quarter a year ago and Rs 6,438.8 crore in the October-December 2019 quarter. The company said that revenue from operations stood at Rs 11,754.2 crore during the March 2020 quarter. The company incurred a loss of Rs 73,878.1 crore during the last financial year. Vodafone Idea incurred a loss of Rs 14,603.9 crore during the financial year 2018-19.

The total revenue of the company during the financial year 2019-20 was Rs 44,957.5 crore, which was Rs 37,092.5 crore in the financial year 2018-19. In a statement, the company said that a strong growth of 6 percent in revenue has been registered on a quarterly basis due to the increase in prepaid tariffs in December 2019. The company has a total debt of Rs 1,15,000 crore as of March 31, 2020.

This post was published on July 1, 2020 2:50 pm

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