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ICICI Direct Report
Vodafone Idea Ltd.'s Q2 FY21 performance was a repeat of its continued weakness in terms of subscriber churn, lag in 4G network and balance sheet stress.
Reported revenues were up 1.2% QoQ to Rs 10791 crore, impacted by subscriber base declined by approximately 8 million to 271.8, with churn rate increasing to 2.6% (versus 2.0% in Q1 FY21).
The average revenue per user grew approximately 4.4% QoQ to Rs 119.
Reported Ebitda margins were up 10 basis points QoQ to 38.5% on account of one-off credit worth approximately Rs 300 crore along with the partial realisation of the cost savings programme.
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