With respect to the filing of an application for modification of the supplementary order of the Supreme Court (SC) dated 24 October 2019, the teleco informed that post the hearing on Friday (14 February), the company has received letters from Department of Telecommunications (DoT) directing immediate payment. The company is currently assessing the amount that it will be able to pay to DoT towards the dues calculated based on AGR, as interpreted by SC in its order dated 24 October 2019. The company proposes to pay the amount so assessed in the next few days.
The company’s ability to continue as a going concern is essentially dependent on a positive outcome of the application for modification of the Supplementary Order, Vodafone Idea said in an exchange filing made on Saturday evening.
SC on Friday (14 February) rejected the plea by mobile carriers seeking more time to settle AGR dues. SC directed telecom providers to pay their AGR dues to DoT by the next court hearing on 17 March 2020. The court made scathing observations on the conduct of the telecom companies as well as the DoT for ignoring its 24 October verdict that had directed the firm to pay AGR dues to DoT by 23 January 2020.
According to media reports, Vodafone Idea and Bharti Airtel owe Rs 1.47 lakh crore to DoT in AGR dues.
On a consolidated basis, Vodafone Idea reported net loss of Rs 5,807.24 crore in Q3 December 2019 as against net loss of Rs 31,773.48 crore in Q2 September 2019. Net sales rose 2.18% to Rs 11,076.20 crore in Q3 December 2019 over Q2 September 2019, primarily supported by strong 4G additions driving average revenue per user (ARPU) improvement.
Pre-tax loss stood at Rs 6421.40 crore in Q3 December 2019, lower than pre-tax loss of Rs 36959.20 crore in Q2 September 2019 and pre-tax loss of Rs 7004.30 crore in Q3 December 2018.
Vodafone Idea operates as a telecom service provider. The company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise offerings, and entertainment.
