INSUBCONTINENT EXCLUSIVE:
an increase in finance and operating expenses.
In the same period last year, the company had posted a net loss of Rs 7,132 crore.
The net
loss widened by 4 per cent on a sequential basis.
In the first quarter of FY23, Vi had rung up a net loss of Rs 7,296 crore.
Gross revenue
in the second quarter of FY23 increased by 12.8 per cent YoY to Rs 10,614 crore while earnings before interest, tax, depreciation and
amortisation (Ebitda) grew 6 per cent to Rs 4,097 crore.
Operational expenses rose 17.5 per cent YoY to Rs 6,517 crore while finance
expenses went up 18.7 per cent to Rs 6,033 crore.
Average revenue per user (ARPU) improved to Rs 131, up 2.3 per cent quarter-on-quarter
from Rs 128 in Q1 of FY23.
The company lost six million subscribers sequentially and its user base stood at 234.4 million at the end of the
second quarter.
However, the 4G customer count grew by 1.6 million sequentially to 120.6 million.
Data consumption by 4G customers
increased sequentially by 4.6 per cent to 15 GB/month.
Vi has been struggling operationally and financially and previous rating downgrades
have resulted in an increase in finance costs.
Certain vendors have asked for an immediate repayment of their outstanding dues and the
spectrum liabilities and bank borrowings.
Spectrum liabilities have increased due to recently acquired spectrum, and Vi has reduced its
bank debt sequentially.
While rival firms Airtel and Jio have rolled out 5G service, Vi is yet to finalise its contracts for 5G network
equipment.
In a statement Vi Chief Executive Officer Akshaya Moondra said the company was engaged with lenders and investors regarding
further fund raising for network expansion and the 5G roll-out.
Moondra said the company reported a fifth consecutive quarter of revenue
crore.
However, Vi has been unable to raise funds from external investors
focus on expanding our high-speed broadband network coverage and capacity
