Vodafone Thought elevates Ravinder Takkar as Chairman, Himanshu Kapania to step down

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Vodafone Thought on Wednesday reported marginal narrowing of its consolidated loss to Rs 7,296.7 crore for the June quarter in comparison to the year-ago duration, as tariff hikes boosted its realisations.

The corporate knowledgeable that Ravinder Takkar will take over as Chairman with impact from August 19, and that Himanshu Kapania will step down as non-executive Chairman.

“The Board of Administrators authorised the request of Himanshu Kapania, to step down as Non-executive Chairman of the Board, with impact from 18 August 2022. He’ll proceed at the Board of Vodafone Thought as non-executive director,” the corporate mentioned in a remark.

The Board has unanimously elected Takkar as Chairman, efficient August 19, 2022.

Takkar these days MD and CEO of VIL, “will usher in his huge enjoy of over 3 many years in guiding the corporate, in his position as Chairman”.

Ravinder Takkar is a nominee of Vodafone Team, and a telecom trade veteran with over 30 years of enjoy.

VIL reported narrowing of losses to Rs 7,296.7 crore in Q1 FY23. The telco’s loss stood at Rs 7,319.1 crore within the year-ago duration.

VIL’s income from operations grew to about Rs 10,410 crore within the quarter ended June 30, 2022, bettering just about 14 in keeping with cent from the year-ago duration.

Its Moderate Income According to Person or ARPU – a key monitorable for telcom avid gamers – stood at Rs 128 in keeping with subscriber for the quarter in comparison to Rs 104 in Q1FY22. This represented an development of 23.4 in keeping with cent yr on yr, helped by means of tariff hikes.

Vodafone Thought CEO Ravinder Takkar mentioned: “We proceed to witness 4G subscriber enlargement at the again of awesome information and voice enjoy…in addition to because of our center of attention on growing differentiated virtual enjoy for our consumers.”

He confident that the corporate, within the recently-concluded spectrum public sale, has got enough spectrum in key markets to provide awesome 5G enjoy to consumers.

“We additionally finished the primary tranche of fund elevating within the type of preferential fairness contribution of Rs 49.4 billion (Rs 4,940 crore) from our promoters, together with the incremental infusion of Rs 4.4 billion by means of Vodafone Team in July 2022,” Takkar mentioned.

The corporate continues to stay engaged with lenders and traders for additional fund elevating.

Its income enlargement at 13.7 in keeping with cent was once the “best since merger”.

Thought Cell and Vodafone Plc had finished the merger in their India operations in 2018.

“The overall gross debt (aside from rent liabilities and together with passion collected however now not due) as of June 30, 2022 stands at Rs 1,990.8 billion, comprising of deferred spectrum cost tasks of Rs 1,166 billion and AGR legal responsibility of Rs 672.7 billion which might be because of the Govt, and debt from banks and fiscal establishments of Rs 152.0 billion,” the corporate mentioned in remark.

VIL mentioned it close down about 3,100 3G websites throughout the quarter, and added over 2,600 4G websites.

The ARPU stepped forward to Rs 128, up 3.6 in keeping with cent on sequential foundation towards Rs 124 in March quarter.

On a yr on yr foundation, this metrics witnessed “sturdy” enlargement of 23.4 in keeping with cent aided by means of tariff hikes.

“The subscriber base declined to 240.4 million as opposed to 243.8 million in Q4FY22. Then again, the 4G subscriber base persevered to develop and with 1,000,000 consumers added in Q1, 4G base now stands at 119.0 million,” the corporate mentioned.

The debt-ridden corporate had got spectrum price Rs 18,799 crore within the just-concluded public sale.

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