The revenue from operations for the quarter also declined 10.80 per cent year-on-year (YoY) to Rs 9,717 crore from Rs 10,894 crore in the same quarter last year.
Average revenue per user (ARPU) for the quarter stood at Rs 115 versus Rs 109 in prior quarter, a QoQ increase of 5.2 per cent, the company said.
The company said it has continued network capacity expansion supported by spectrum refarming and network upgrade to 4G. It claimed to have achieved 90 per cent of targeted opex savings on run rate basis in Q3FY22 against Rs 4000 crore annualised opex savings target.
Sequentially, the company managed to post a 3.3 per cent growth supported by several tariff interventions including tariff hikes effective November 25. Losses were more or less flat compared to the September quarter.
“We are pleased to announce the second consecutive quarter of revenue growth driven by several tariff interventions taken in the last few months. While the overall subscriber base has declined as a result of the tariff interventions, the 4G subscriber base remained resilient,” said Ravinder Takkar, MD and CEO, Vodafone Idea.
The company remains focused on executing our strategy to improve our competitive position and win in the marketplace, he said, adding “We have opted for upfront conversion of interest arising from deferment of spectrum and AGR dues into equity”.
The total gross debt for the company (excluding lease liabilities and including interest accrued but not due) as of December 31, 2021 stood at Rs 1,98,980 crore, comprising of deferred spectrum payment obligations of Rs 1,11300 crore and AGR liability of Rs 64,620 crore that are due to the government, and debt from banks and financial institutions of Rs 23,060 crore. Cash and cash equivalents were Rs 1,500 crore and net debt stood at Rs 1,97,480 crore.
Vodafone Idea said its subscriber base declined to 24.72 crore from 25 crore in Q2 because of these tariff interventions. The 4G subscriber base continued to grow and with 8 lakh customers added in Q3, 4G base now stands at 11.7 crore. Subscriber churn increased to 3.4 per cent in Q3FY22 versus 2.9 per cent in Q2FY22. Data usage per 4G subscriber was at 14 GB/month versus 12 GB/month a year ago.