Vodafone Idea narrows Q3 net loss to Rs 4,532 crore; says in active fundraise talks

Mumbai: Vodafone Idea (Vi) sharply narrowed its net loss to Rs 4540.8 crore for the fiscal third quarter, compared with Rs 7203.4 crore in the second quarter of the fiscal, on the back of a cost optimisation plan and as it added more 4G users.

The struggling telco also managed to harness its customer losses to two million , a stark contrast to the 8.01 million in the previous quarter.

“After successfully achieving targeted merger opex synergies of Rs.8400 crore, we embarked on a cost optimization exercise across the company in line with the evolving industry structure and business model. We target to achieve Rs4,000 crore of annualized cost savings by end of this calendar year,” the operator said in a statement on Saturday. “Through several initiatives, we have already achieved ~50% of the targeted annualised savings on a run-rate basis by the end of Q3FY21 ,” it added.