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 Vodafone Concept says paid licence payment dues for first quarter of 2021-22
June 11, 2022

Vodafone Concept says paid licence payment dues for first quarter of 2021-22

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New Delhi: Vodafone Concept Ltd (VIL) on Thursday mentioned it has paid licence payment dues for the primary quarter of 2021-22. The remark got here amid a report that the troubled telco — which is struggling to remain afloat — fell ₹150 crore brief on cost of licence payment for the June quarter. 

“VIL has paid its licence payment dues for first quarter 2021-22,” a VIL spokesperson mentioned in response to an electronic mail question by PTI. The assertion didn’t give out additional particulars.

VIL is within the grip of an existential disaster, and the debt-ridden telco’s Q1 earnings and June quarter operational metrics introduced on Saturday had left analysts dissatisfied. 

As per the Q1 report card launched by the telco, the full gross debt (excluding lease liabilities and together with curiosity accrued however not due) as of June 30, 2021, of VIL stood at ₹1,91,590 crore, comprising of deferred spectrum cost obligations of ₹1,06,010 crore and adjusted gross income (AGR) legal responsibility of ₹62,180 crore which are as a result of authorities. 

VIL posted a decrease consolidated lack of ₹7,319 crore for the primary quarter ended June 30, 2021, towards a ₹25,460 crore loss a 12 months in the past. The consolidated income from operations of Vodafone Concept declined by about 14 per cent to ₹9,152.3 crore through the reported quarter from ₹10,659.3 crore within the corresponding quarter of 2020-21. 

Billionaire Kumar Mangalam Birla lately stepped down as chairman of Vodafone Concept Ltd, inside two months of providing at hand over Aditya Birla Group’s stake within the telco to the federal government in a bid to avert a disaster for the agency. Final week, Vodafone Concept filed a overview petition within the Supreme Court docket after the apex courtroom dismissed its plea for rectification of the alleged errors within the calculation of adjusted gross income (AGR) associated dues. 

In its overview petition, VIL has mentioned it’s “a travesty of justice” that the corporate is restrained from questioning the arithmetical errors/omissions that are going to value it about ₹25,000 crore ( ₹5,932 crore of principal plus curiosity, penalty and curiosity on penalty). 

Vodafone Concept petition has mentioned its contentions have been rejected by the order beneath overview and added that this denial may consequence within the firm going beneath and its about 27.3 crore subscribers being left “excessive and dry”. Different fallouts embrace lack of funding within the enterprise and an influence on livelihoods of workers, in addition to distributor, retailers, and retailer employees, the corporate mentioned within the petition. 

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Throughout an earnings name earlier this week, Vodafone Concept CEO Ravinder Takkar mentioned the corporate is hopeful that the federal government will supply mandatory assist to deal with structural points within the sector and had emphasised that flooring pricing, even in an interim method, may assist. 

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