Debt-ridden Vodafone Idea on Saturday reported consolidated loss narowed to ₹4,532.1 crore in the third quarter, mainly on account of a one-time gain from stake sale in Indus Towers.
The telecom firm posted a loss of ₹6,438.8 crore in the year-earlier quarter.
Vodafone Idea Limited (VIL) sold 11.15% stake in Indus Towers on the completion of its merger with Bharti Infratel for ₹ ,760 crore and paid ₹2,400 crore to the merged entity as per its agreement during the reported quarter.
“In the third quarter, we improved subscriber retention and operating performance, supported by Vi GIGAnet,” Vodafone Idea MD and CEO Ravinder Takkar said in a statement. “We remain focused on executing our strategy, and our cost optimisation plan remains on track to deliver the targeted savings,” he added.
Revenue from operations fell 1.7% to ₹10,894 crore, from ₹11,089.4 crore.
“The Board has approved fundraising to support our strategic intent and we are in active discussions with potential investors,” he said.
The board approved raising up to ₹25,000 crore through a mix of debt and equity, the company said.