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ICICI Securities Report
Vodafone Idea Ltd.'s Q2 FY23 underlying mobile revenue grew 0.5% QoQ (based on our calculations) despite 6 million decline in subs. The growth was partly helped by an additional day during the quarter.
Enterprise segment grew at a strong rate of more than 15% QoQ driven by higher international long distance business, in our view.
4G subs addition was 1.6 million. However, Vodafone Idea is not able to capture all its data subs in the migration from 2G to 4G as the number of data subs declined.
Company has been facing capital constraints, but is in a much better position than telcos that went defunct in the not-so-distant past in India.
Vodafone Idea has bought enough 5G spectrum and requires capital only for rolling out the network. Thus aggressive deployment of 5G is dependent on the company's ability to raise more capital, while peers are gearing up for faster 5G deployment.
Vodafone Idea's debt has increased to Rs 2,201 billion, but non-government dues were only Rs 150 billion.
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