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Motilal Oswal Report
Vodafone Idea Ltd. saw a healthy 7% QoQ growth in adjusted Ebitda (on a pre-Ind Accounting Standard 116 basis) to Rs 21 billion on an average revenue per user growth of 3%.
But declining gross/active subscriber continued at an accelerated pace, with net debt ballooning to Rs 1.98 trillion.
The subscriber churn continues, despite the relief package of FY22. Its annualised Ebitda of Rs 84 billion in Q1 FY23 may not be sufficient to meet:
its Rs 87 billion in debt repayments, including the 5G installment of Rs 17 billion,
meet its intensive capex needs, and
compete fiercely to retain market share.
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