Vodafone Idea's Q3 losses narrow to Rs 6,986 crore

New Delhi: Telecom operator Vodafone Idea (VIL) on Monday reported narrowing of losses to Rs 6,986 crore in the third quarter of the current fiscal.

The losses stood at Rs 7,990 crore a year ago, the company said in a regulatory filing.

During the quarter under review, the revenue from operations for the ailing telco came in at Rs 10,673.1 crore, nearly flat over the corresponding period previous year.

VIL's revenue from operations stood at Rs 10,620.6 crore in the third quarter of FY23.

In a statement, the company said its ARPU (average revenue per user) in the reporting quarter stood at Rs 145 against Rs 135 in the third quarter of FY23. This translates into a year-on-year growth of 7.4 per cent.

Akshaya Moondra, CEO of Vodafone Idea, said: "We are pleased to report highest EBITDA of Rs 21.4 billion in last 11 quarters. In line with the evolving industry landscape and changing customer needs, we have revamped our offerings as well as focusing on our execution to effectively compete in the market." As a result, the company has been able to grow its 4G subscribers and ARPUs consecutively for the last 10 quarters.

"We remain engaged with various parties for fund raising, to make required investments for network expansion, including 5G roll-out," Moondra added.