Voda Idea Q1 losses mount to Rs 25,460 cr on provisioning for statutory dues

India’s third-largest telecom operator Vodafone Idea on Thursday reported a sharp rise in its losses to Rs 25,460 crore for the April-June quarter of 2020-21 due to high provisioning for statutory dues.

The losses of Vodafone Idea stood at about Rs 4,874 crore in the year-ago period. The revenue from operations came in at Rs 10,659.3 crore for the first quarter of FY2021, against Rs 11,269.9 crore in the same period of the previous year, according to a regulatory filing.

The company said it has recognised additional charge of Rs 19,440.5 crore in June quarter towards adjusted gross revenue (AGR) liabilities. “…during this quarter, on prudence, we have recognised a charge of Rs 194.4 billion as an exceptional item towards the total estimated AGR liability, in addition to estimated recognised liability of Rs 460.0 billion as on March 31, 2020,” a company statement said.