Vodafone Thought Ltd reported a 5.4% fall in its first-quarter income on Thursday, as a nationwide lockdown harm its enterprise and the telecom firm misplaced subscribers.
The corporate, a three way partnership between Britain’s Vodafone Group and billionaire Kumar Mangalam Birla’s Thought Mobile, additionally reported an even bigger quarterly loss, because it put aside 194.41 billion rupees for dues owed to the federal government.
Late final yr the nation’s prime court docket ordered Indian telecom corporations to pay 920 billion rupees in overdue levies and curiosity to the federal government.
It was “a difficult quarter as availability of recharges resulting from retailer closures and skill of shoppers to recharge on account of financial slowdown have been impacted,” Chief Government Officer Ravinder Takkar mentioned.
Vodafone Thought’s subscriber base declined to 279.eight million customers within the reported quarter, from 291.1 million customers within the fourth quarter. Common income per person fell to 114 rupees from 121 rupees within the sequentially earlier quarter.
The corporate, India’s third largest telecom operator by subscribers reported its eighth consecutive quarterly lack of 254.6 billion rupees, in contrast with a lack of 48.74 billion rupees a yr earlier.
Vodafone Thought’s consolidated income from operations fell to 106.59 billion rupees in the course of the quarter, in contrast with 112.70 billion rupees a yr earlier.