Vodafone Idea posts highest-ever loss by an Indian firm at Rs 73,878 crore in FY20

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.

The firm, which has to pay Rs 51,400 crore dues after the apex court ordered the non-telecom revenues to be included in calculating statutory dues, said the liability has “cast significant doubt on the company’s ability to continue as a going concern”.

In a regulatory filing, Vodafone Idea (VIL) reported widening of March quarter net loss to Rs 11,643.5 crore. Its losses stood at Rs 4,881.9 crore in the same period a year ago and Rs 6,438.8 crore in previous October-December quarter.