Vodafone Idea Q4 Results: Loss Widens To Rs 7,166 Crore, ARPU Flat

Vodafone Idea Ltd. logged a widening of its net loss in the quarter ended March 31, 2025, according to the financial results declared by the stressed telecom operator on Friday.

The company's consolidated net loss came in at Rs 7,166 crore in the January-March period, compared to Rs 6,609 crore in the preceding quarter. Analysts' consensus estimates compiled by Bloomberg projected a loss of Rs 7,147 crore.

Revenue from operations declined 1% sequentially to Rs 11,013 crore, as against Rs 11,117 crore in the October-December quarter.

The company's average revenue per user, or ARPU — a key metric to assess a telco's health — is flat at Rs 175 as compared to Rs 173 in the preceding quarter.

Capex spending was Rs 4,230 crore, the highest in a quarter since the merger, taking the capex for FY25 to Rs 9,570 crore.

Chief Executive Officer Akshaya Moondra said that this has been a "turnaround quarter" for the company.

Vodafone Idea Q4FY25 Highlights (Consolidated, QoQ)

• Revenue down 1% to Rs 11,013 crore versus Rs 11,117 crore (Bloomberg estimate: Rs 11,108 crore)

• Ebitda down 1.1% at Rs 4,660 crore versus Rs 4,712 crore (Bloomberg estimate: Rs 4,654 crore)

• Margin at 42.3% versus 42.4% (Bloomberg estimate: 41.4%)

• Net loss widens at Rs 7,166 crore versus 6,609 crore (Bloomberg estimate: Loss of Rs 7,147 crore)

For the whole year, loss narrowed to Rs 27,383 crore from Rs 31,238 crore in FY24.

Troubled Finances

Vodafone Idea's net worth was a negative Rs 70,320 crore as of March 2025. Negative net worth occurs when a company's accumulated losses and liabilities exceed its assets and capital.

Total AGR dues stood at Rs 1.95 lakh crore. Installments related to deferred payment obligations towards spectrum payable during FY26 is Rs 2,538 crore.

On the other hand, the company owed Rs 2,330 crore to banks as of March. The amount payable during FY26 is Rs 1,600 crore. The cash and bank balance stood at Rs 9,930 crore.

Vodafone Idea Fundraise

Given the financial strain on the telco and the need to refinance, the Aditya Birla Group company also approved a fundraising of up to Rs 20,000 crore via equity or debt. An extraordinary general meeting will be convened to seek shareholders' approval on June 27.

During the year, Vodafone Idea raised funds via equity of Rs 61,400 crore, including a follow-on public offer of Rs 18,000 crore, preferential issue of Rs 4,000 crore to promoters — Rs 2,100-crore stake allotted to Aditya Birla and Rs 1,900 crore to Vodafone Group. This also includes Rs 2,500 crore raised from vendors (Nokia and Ericsson) and Rs 36,900 crore from the government via conversion of debt into equity.

"We remain engaged with lenders to secure debt financing to support our broader capex plans of Rs 50,000–55,000 crore," the CEO said.

Shares of Vodafone Idea closed 3.2% lower at Rs 6.92 apiece on the BSE, ahead of the results, compared to a 0.2% fall in the benchmark Sensex. The stock has fallen 53% in the last 12 months and 14% so far this year.