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Motilal Oswal Report
Vodafone Idea Ltd. posted a pre India Accounting Standard 116 Ebitda of Rs 16.2 billion versus Rs 14.1 billion QoQ (5% above our estimate) on the back of a 5.5% increase in average revenue per user, led by the recent tariff hike, which resulted in a higher churn at 5.8 million.
The recent government moratorium has partly offered Vodafone Idea some respite from its repayment woes, but it has ceded 35% equity stake to the government for just the interest component, with its net debt ballooning to Rs 1,975 billion.
The much awaited capital raise remains critical to provide immediate liquidity, given the low Ebitda of Rs 104.1 billion (pre-Ind AS 116) in FY23E even after the tariff hike.
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