Debt-ridden telecom operator Vodafone Idea’s consolidated loss narrowed to Rs 7,022.8 crore for the quarter ended March 2021, mainly on account of cost optimisation.
Vodafone Idea (Vi) had posted a loss of Rs 11,643.5 crore in the same period a year ago.
Total income declined about 19 per cent to Rs 9,647.8 crore from Rs 11,920.4 crore in the year-ago period.
“We enter financial year 2022 with a renewed focus on executing our strategy to keep our customers ahead, and our cost optimisation plan remains on track to deliver the targeted savings.
“We are in active discussion with potential investors for fund raising to achieve our strategic intent,” Vi managing director and CEO Ravinder Takkar said in a statement.
The company attributed the decline in revenue to the scrapping of domestic interconnect usage charges from January 2021 and an around 2.2 per cent dip on account of lower number of days in the quarter.
For the year ended March 31, 2021, the company’s loss narrowed to Rs 44,233.1 crore from Rs 73,878.1 crore in 2019-20.
The subscriber base of the company dipped to 26.78 crore during the reported quarter.
SpiceJet on Wednesday reported narrowing of net loss to Rs 235.3 crore for the quarter ended March 2021, and announced that it will raise up to Rs 2,500 crore to ensure long-term growth and sustainable operations. The budget carrier had suffered a net loss of Rs 807 crore in the corresponding quarter of 2019-20.