Vodafone Idea, the country’s third-largest telecom operator, on Wednesday reported a staggering Rs 73,878 crore of net loss in fiscal ended March 2020 – the highest ever by any Indian firm, after it provisioned for Supreme Court mandated statutory dues.
After the order by the court of apex to include non-telecom sales in calculating statutory dues, the corporation, which has paid Rs 51,400 Crore dues, said that responsibility has ‘considerably threatened the willingness of that company to proceed as a company.’
Vodafone Idea announced a rise in a net loss in March quarter to Rs 11,643.5 in a regulatory paper. Its expenses at the same time last year stood at Rs 4,881.9 and in the intervening quarter of October-December at Rs 6,438.8. For the time up to 2016-2017, the Department of Telecoms (DoT) calculated adjusted gross revenue duty (AGR) of the company at Rs 58,254 crore but set the duty at Rs 46,000 crores after correcting some statistical errors and payments that had not been made in the previous cycle found in the dot market.
It paid Rs 6,854.4 crore for the overall dues. In view of the AGR-related obligations, the business has been affected by Rs 1.783.6, and Rs 3.887 crore by the one-time spectrum charges (OTSC), which were both recognized as extraordinary items for the quarter ended in March 2019. Rs 11,754.2 crore produced income from operations in the just-ended period.
For the full year FY20, losses rose to Rs 73,878.1 crore. Vodafone Idea’s losses stood at Rs 14,603.9 crore in FY19.
The full-year income from FY20 activities exceeded Rs 44,957.5. The same happened in FY19, at Rs 37,092,5.
The business reported in a statement that sales saw a solid six percent rise quarter-on-quarter, as a result of prepaid tariff growth in December 2019.
