CMP: ₹15.79
Vodafone Thought reported blended efficiency for the quarter. It reported income of ₹10,510 crore (down 0.9 per cent q-o-q, down 1.4 per cent y-o-y). The sequential decline in income was as a result of 2.5 million decline in subscriber base to 210.1 million; whereas ARPU was flat sequentially at ₹146.
The 4G addition was muted at 0.4 million q-o-q to 126.7 million. Common knowledge utilization was 15.6GB/month vs 15.4GB/month in Q4FY24. EBITDA margin was down 86 bps q-o-q to 40 per cent, led by increased community working bills throughout the quarter (up 1.2 per cent q-o-q). Web loss was down sequentially to ₹6,430 crore vs ₹7,670 crore in Q4FY24 on account of decrease depreciation and curiosity expense.
Capex for the quarter was at ₹760 crore vs ₹550 crore in Q4FY24. Web debt was marginally right down to ₹1,96,200 crore vs ₹2,07,400 crore, on account of fundraise throughout the quarter. After the profitable FPO, it’s in dialogue with banks for debt fund elevate of ₹25,000 crore. It has deliberate capex of ₹50,000-55,000 over subsequent three years to strengthen its 4G community and launch 5G community throughout key websites.
It’s anticipated that the client churn ought to cut back considerably on account of this deliberate capex programme. Now we have revised down our FY25/FY26 EBITDA by (3.9 per cent)/(1.4 per cent).
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