Rs 50,921 cr in the red, Vodafone posts highest quarterly loss in recent Indian history

Hit hard by unpaid statutory dues, telecom operator Vodafone Idea on Thursday posted a colossal Rs 50,921 crore loss for second quarter ended September 30, and said it is in process of filing a review petition on justed gross revenue matter.

RE | Govt Unhappy Over Vodafone's Biz 'uncertainty' Remarks; CEO Says Media Distorted Statement

Vodafone reports highest loss in recent years

This is highest ever quarterly loss posted by any Indian company in recent memory. Vodafone Idea said its ability to continue as going concern is dependent on obtaining relief from government and positive outcome of proposed legal remedy. SC order on justed Gross Revenue (AGR) matter "has significant financial implications for industry", VIL said in a statement. Its total loss stood at Rs 50,921 crore in September quarter, against Rs 4,874 crore loss in year-ago period.

RE: Vodafone's Future In India Could Be In Doubt Without Govt Support

Its revenue rose 42 per cent to Rs 11,146.4 crore during second quarter this year. company has estimated liability of Rs 44,150 crore post apex court order and me provision of Rs 25,680 crore in second quarter this fiscal. Airtel, Vodafone Idea and or telecom operators have to pay government a whopping Rs 1.4 lakh crore following recent Supreme Court order that has sent shock waves through industry which is alrey grappling with losses and billions of dollars in debt.

RE: Vodafone Rs 569 Plan with 84 Days Validity, 3GB Data Reportedly Live

Supreme Court on revenue from telecom companies

Supreme Court, last month, upheld government's position on including revenue from n-telecommunication businesses in calculating annual AGR of telecom companies, a share of which is paid as licence and spectrum fee to exchequer. As per latest estimates by telecom department, Bharti Airtel faces a liability of around Rs 62,187 crore (including share of Tata Group of companies and Teler India), while Vodafone Idea may have to pay about Rs 54,184 crore. remaining liability is with state-owned BSNL/MTNL and some of shut/bankrupt telecom companies.

RE: Vodafone Rs 199 unlimited Plan w Seemingly live in More Regions