Mumbai: Debt-ridden Vodafone Idea reported narrowing of consolidated loss to Rs 4,532.1 crore in the third quarter ended on December 31, 2020, mainly on account of a one-time gain from stake sale in Indus Towers.
The company had posted a loss of Rs 6,438.8 crore in the same quarter a year ago.
Vodafone Idea Limited (VIL) sold 11.15 per cent stake in Indus Towers on the completion of its merger with Bharti Infratel for Rs 3,760 crore and paid Rs 2,400 crore to the merged entity as per its agreement during the reported quarter.
“In the third quarter of the financial year 2021, we improved subscriber retention and operating performance, supported by Vi GIGAnet. We remain focused on executing our strategy, and our cost optimization plan remains on track to deliver the targeted savings,” Vodafone Idea MD and CEO Ravinder Takkar said in a statement.
Revenue from operations of the company declined by 1.7 per cent to Rs 10,894 crore during the reported quarter from Rs 11,089.4 crore in the same quarter a year ago.
“The Board has approved fundraising to support our strategic intent and we are in active discussions with potential investors,” Takkar said.