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Motilal Oswal Report
Vodafone Idea Ltd. reports flat Ebitda on QoQ (pre India accounting standare 116), despite a 2% average revenue per user growth and a 90 basis point spectrum usage charge gain. This is a result of network cost increase and subscriber loss of 6 million. 5G spectrum acquisition increased net debt to Rs 2.2 trillion.
Continued subscriber loss along with a slow 5G rollout, which is subject to capital infusion, is expected to dilute Vodafone Idea's earnings.
Q2 FY23 annualised Ebitda of Rs 164 billion may not be sufficient to meet debt repayments, which includes intensive capex needs and the ability to compete fiercely to retain market share.
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