VI or Vodafone Idia, the joint venture between Vodafone Group Plc and Kumar Mangalam Birla, witnesses a huge loss again this quarter. The main reason is the toughest ever competition in this market and obviously, loss of a healthy number of customers.
The company posts a 73.2 billion rupees loss, around $986 million for the quarter through June. Last year, in the same quarter, the loss figure was 254.6 billion rupees. The revenue fell around 14% to Rs.91.5 billion.
In a statement, Mr. Ravinder Takkar, the Chief Executive Officer, said that the result reflects due to “significant disruptions and slowdown in economic activity” caused by India’s severe second Covid-19 wave.
He further added, “We continue to focus on executing our strategy to keep our customers ahead, and our cost optimization plan remains on track to deliver the targeted savings. We are in active discussion with potential investors for fund raising, to achieve our strategic intent,”
