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<ul><li><keyword id="1553175" type="General" weightage="20" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword>’s shares registered a decline after scaling a day’s high of nearly 10% earlier on Wednesday.</li><li>Its rival, <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword>, also witnessed a decline in its share price after reports suggested that the Indian government did not discuss the proposal for a <keyword id="6307125" type="General" weightage="20" keywordseo="telecom-relief-package" source="Orion">telecom relief package</keyword>.</li><li>Vodafone Idea’s shares have rallied over 18% in the last one month, on <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-rise-on-hope-that-modi-government-will-use-these-rescue-options/articleshow/85890407.cms">hopes and prayers</a>.</li></ul>Shares of Vodafone Idea plunged from the day’s high as reports trickled in that the Indian government did not discuss any proposal for the highly anticipated telecom relief package. <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-rise-on-hope-that-modi-government-will-use-these-rescue-options/articleshow/85890407.cms">Vodafone Idea’s shares</a> have rallied by over 18% in the last one month and that rally went up as high as 31% during the first half of trade on Wednesday, before plummeting later in the day. As of 2:00 p.m., Vodafone Idea was down by over 3%, whereas it was up by nearly 10% early in the day. <div type="image" title="Vodafone Idea 09_08_21 to 08_09_21." msid="86033327" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea share price&amp;lt;/p&amp;gt;"></div> The much awaited telecom relief package has been one of the reasons behind the recent rally in Vodafone Idea’s shares. There were rumours that the government has planned to offer a 4-year moratorium on spectrum and adjusted gross revenue (AGR) dues, which was the primary trigger behind Vodafone Idea’s 10% rally earlier today. Now, a <a href="https://www.reuters.com/business/media-telecom/india-cabinet-did-not-take-up-proposal-telecoms-relief-measures-source-2021-09-08/">Reuters</a> report claimed that the Indian government has not taken up discussions on the telecom relief package today. Shares of Vodafone Idea’s rival, Airtel, were down by 0.44% as of 2:00 p.m., while Vodafone Idea desperately needs the relief package, Airtel would also benefit from any relief measures as it has exposure to the AGR liability. Here’s how much Vodafone Idea and Airtel owe the government in the form of AGR dues: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Total AGR demand (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">AGR dues paid (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Balance AGR dues (in crore) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹58,254 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹7,854 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹50,339 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Airtel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹43,980 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹18,004 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹25,976 </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: AGR dues case in the Supreme Court Vodafone Idea also pays approximately ₹5,000 crore per year towards licence fee and spectrum usage charges. Additionally, according to a report by <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/cabinet-refuses-proposal-for-telecom-relief-measures-claims-reuters-report/articleshow/86032076.cms">The Economic Times</a>, the telco will have to pay ₹14,000 crore annually towards spectrum payments, taking its annual liability to ₹19,000 crore. Nothing explains the telco’s dire situation as much as its balance sheet does – Vodafone Idea had ₹920 crore in cash and cash equivalents at the end of June this year, while its debt ballooned to ₹1.9 lakh crore. While banks and financial institutions, which have lent money to the telco don’t face any immediate threat of default, things may not remain the same for long. Banks’ exposure to Vodafone Idea: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of loan book </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,240 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.90% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.40% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,500 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.65% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.44% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.43% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,700 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.23% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,300 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.21% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.09% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: Nomura SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-rise-on-hope-that-modi-government-will-use-these-rescue-options/articleshow/85890407.cms">Market hopes Vodafone Idea will be saved and these are the rescue options</a> <a href="https://www.businessinsider.in/business/telecom/news/what-if-vodafone-idea-dies/articleshow/85127937.cms">What if Vodafone Idea dies?</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-spike-after-promoter-kumar-mangalam-birlas-meeting-with-indias-telecom-minister/articleshow/85861279.cms">Vodafone Idea shares spike after promoter Kumar Mangalam Birla's meeting with India's Telecom minister</a>

Vodafone Idea falls after reports that government hasn’t discussed proposal for a telecom relief package

<ul><li>The <keyword id="1553175" type="General" weightage="100" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword> stock has seen a massive uptrend over the last one month. </li><li>According to a new report, Vodafone Idea could finally be ready to raise equity, either from the promoters or private equity firms or both. </li><li>The market seems to have caught a whiff of it, sending the stock rallying by over 50% in the last one month. </li></ul>Shares of Vodafone Idea have rallied by over 50% in the last one month, bringing back cheer to the shareholders of the company who have shown their faith while the telco was running on fumes over the past one year. In early trade on December 16, Vodafone Idea’s shares were up by nearly 3% when compared to the previous closing price. <div type="image" title="Vodafone Idea 01_11_21 to 16_12_21." msid="88311420" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea share price over the last one month&amp;lt;/p&amp;gt;"></div> The rally seems exceptional, especially in the absence of any major positive for the company – Vodafone Idea’s subscriber attrition hasn’t slowed down, and its average revenue per user (ARPU) is significantly lower than that of its rivals, at just ₹109 versus Airtel and Reliance Jio’s ₹153 and ₹143, respectively. So, what gives? <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/vodafone-idea-plans-to-get-back-in-the-game-with-4x-rise-in-capex-to-2-billion/articleshow/88308573.cms?from=mdr">Reportedly</a>, the promoters of the company are aiming to increase the annual capital expenditure by four-fold to $2 billion (approx. ₹15,200 crore). Clearly, the market caught a whiff of it. It’s not the first time that reports have claimed Vodafone Idea will infuse equity, but this time, it’s coming straight from the horse’s mouth – the report adds that these comments were made by the company’s senior management at an internal investors’ call this week. The increase in capex could help the telco catch up to its rivals Airtel and Reliance Jio in terms of technology and other aspects. Business Insider has reached out to Vodafone Idea for comments. For instance, Vodafone Idea did not launch Voice over Wi-Fi (VoWiFi) for several months after Airtel and Reliance Jio announced support across the country. Vodafone Idea currently spends an estimated $500 million (approx. ₹3,800 crore) in capex, while its rivals Airtel and Reliance Jio spend $3 billion (approx. ₹22,800 crore) each. At the end of September, 2021, Vodafone Idea had ₹250 crore in cash and cash equivalents, while its debt stood at ₹1.94 lakh crore. A four-fold boost is only possible if either the promoters, or private equity firms are ready to plough in equity into the third largest telecom company in India. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-1rs-data-plan-recharge-benefits-cheapest-4g-data-plan/articleshow/88292543.cms">At ₹1, Reliance Jio’s latest data pack is the cheapest in the world – costs less than a packet of water</a> <a href="https://www.businessinsider.in/tech/enterprise/news/mark-zuckerberg-on-indias-role-in-building-the-metaverse/articleshow/88295433.cms">Here is why Facebook chief Mark Zuckerberg is praising India's techies as he dreams of a Metaverse future</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a>

We finally know why the Vodafone Idea stock rallied over 50% in the last one month

Vodafone Idea, Zee Entertainment, Airtel and other top stocks to watch out for on September 23

<ul><li>Airtel has six times more cash than <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> Idea.</li><li>Both Reliance Jio and Airtel have nearly 1.5 times more subscribers than Vodafone Idea</li><li>Vodafone Idea has more spectrum compared to Jio but still gets the least amount of traffic.</li><li>The only thing it has more than others is debt. At the end of March, 2021, Vodafone Idea’s debt stood at ₹1.75 lakh crore, while Airtel’s debt stood at ₹1.53 lakh crore.</li></ul>Vodafone Idea’s situation continues to worsen, in terms of market share, revenue as well as the value of the company. On the other hand, its rivals, Bharti Airtel and Reliance Jio (owned by the country’s richest man Mukesh Ambani) continue to get stronger, often at the cost of Vodafone Idea. People are questioning the possibility of its survival. Even if it does get bailed out one way or another, the company will have a lot of catching up to do with its larger peers like Sunil Mittal’s Airtel and Ambani’s Reliance Jio. The loss of competitive muscle will only get worse the longer it remains in the current limbo. No wonder <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-news-birla-offers-to-give-up-his-27-stake-in-vodafone-idea/articleshow/84969189.cms">its Indian promoter Kumar Mangalam Birla</a> wants to give up his stake in the company, and his British partner Vodafone is not willing to sink any more money into this joint venture in India. Birla has also resigned as the non-executive director and chairman of the board of Vodafone Idea, a request which has been accepted by the company. Not surprisingly, the stock took a tumble. <div type="image" title="Vodafone Idea share price" msid="85035864" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea share price&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Airtel has six times more cash than Vodafone Idea" comment="subhead" text="Airtel has six times more cash than Vodafone Idea">Airtel has six times more cash than Vodafone Idea</cmsannotation> As of March 31, 2021, Vodafone Idea had ₹2,216 crore in the form of cash and bank balances. This is six times lower than Airtel’s reported cash and bank balance in the same period. <cmsannotation type="cmsannotation" annotationid="The only thing that Vodafone has more of, than Airtel and Jio, is debt" comment="subhead" text="The only thing that Vodafone has more of, than Airtel and Jio, is debt">The only thing that Vodafone has more of, than Airtel and Jio, is debt</cmsannotation> The cash crunch will only get worse when it has to pay up the dues <a href="https://www.businessinsider.in/business/telecom/news/its-the-day-airtel-and-vodafone-idea-have-been-waiting-for-heres-the-agr-case-timeline-of-26-years/articleshow/77845908.cms">ordered by the Supreme court</a>, amounting to ₹58,631 crore. Of this, ₹5,034 crore falls due in December 2021 – an amount that the telco doesn’t seem to be in a position to pay. In comparison, Airtel’s balance AGR liability stands at ₹25,976 crore, which means its current liability comes to ₹2,598 crore. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Company </td><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Total AGR demand (in crore) </td><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">AGR dues paid (in crore) </td><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Balance (in crore) </td></tr><tr><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Vodafone Idea </td><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">₹58,254 </td><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">₹7,854 </td><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">₹50,339 </td></tr><tr><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Airtel </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">₹43,980 </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">₹18,004 </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">₹25,976 </td></tr></tbody><tbody></tbody><tbody></tbody></table> At the end of March, 2021, Vodafone Idea’s debt stood at ₹1.75 lakh crore, while Airtel’s debt stood at ₹1.53 lakh crore. <cmsannotation type="cmsannotation" annotationid="Vodafone is losing both subscribers and revenue at a fast pace" comment="subhead" text="Vodafone is losing both subscribers and revenue at a fast pace">Vodafone is losing both subscribers and revenue at a fast pace</cmsannotation> <div type="image" title="Vodafone Idea, Airtel, Reliance Jio subscribers May 2021." msid="85035881" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea, Airtel and Reliance Jio subscribers.&amp;lt;/p&amp;gt;"></div> Since the beginning of 2020, Vodafone Idea has lost over 51 million subscribers. In the same period, Airtel and Reliance Jio have gained over 21 million and 62 million subscribers, respectively. To make matters worse, Vodafone is losing the relatively lucrative 4G subscribers, too – in May, for each 2G/3G subscriber it lost, three 4G subscribers ported out from the operator. <div type="image" title="Vodafone Idea, Airtel, Reliance Jio ARPU March, 2021." msid="85035904" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea, Airtel and Reliance Jio ARPU as of March, 2021.&amp;lt;/p&amp;gt;"></div> The average revenue that Vodafone Idea makes from each of its users is also under pressure. According to the company’s latest statements, the average revenue per user stood at ₹107 at the end of March, 2021, down from ₹121 three months prior. For comparison, Airtel’s ARPU in the same period was ₹145, while Jio stood at ₹138. The problem with lesser ARPU has become a vicious cycle in the case of Vodafone Idea. If it raises tariffs to improve its earnings, and others don’t, the company will lose more subscribers. If others follow VI in raising tariffs, they make more money, which can be later used to edge it out. The longer VI waits for others to make the first move, the more money it bleeds. <cmsannotation type="cmsannotation" annotationid="Vodafone has more spectrum compared to Jio but still gets the least amount of traffic" comment="subhead" text="Vodafone has more spectrum compared to Jio but still gets the least amount of traffic">Vodafone has more spectrum compared to Jio but still gets the least amount of traffic</cmsannotation> According to data from a UBS report dated July 29, here’s how much spectrum all the three telecom operators held at the end of March, 2021: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Company </td><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Spectrum holding </td></tr><tr><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Airtel </td><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">2,112 MHz </td></tr><tr><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Vodafone Idea </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">1,768 MHz </td></tr><tr><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Reliance Jio </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">1,752 MHz </td></tr></tbody><tbody></tbody></table> Source: UBS, as of March, 2021 Despite holding the second largest chunk of spectrum, Vodafone Idea’s inability to upgrade its users to 4G has hampered its potential – both in terms of the number of 4G subscribers as well as the amount of data it serves. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Company </td><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">4G subscribers (in million) </td><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Total data (in million GB) </td></tr><tr><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Reliance Jio </td><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">426.6 </td><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">16,700 </td></tr><tr><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Airtel </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">179.3 </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">9,207 </td></tr><tr><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Vodafone Idea </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">113.9 </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">4,856 </td></tr></tbody></table> Source: UBS, as of March, 2021 <cmsannotation type="cmsannotation" annotationid="The odds are stacked against Vodafone Idea" comment="subhead" text="The odds are stacked against Vodafone Idea">The odds are stacked against Vodafone Idea</cmsannotation> In a report dated July 29, Goldman Sachs maintained its ‘Sell’ rating for Vodafone Idea, with the target price set at ₹3 per share, suggesting that there is a further likelihood of a 60% decline in the telco’s share price. “It is well-flagged that Vodafone Idea has large repayments due starting Dec ‘21, and its balance sheet is stressed,” the report adds. “If Vodafone Idea is unable to repair its balance sheet quickly, we see an accelerated erosion in the company’s market share,” the report explains. On the other hand, analysts are bullish on Airtel. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Brokerage </td><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Target price </td><td style="border-width: 0.5pt 0.5pt 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Upside </td></tr><tr><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">JP Morgan </td><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">₹790 </td><td style="border-width: 1pt 0.5pt 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">38% </td></tr><tr><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Credit Suisse </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">₹750 </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">31% </td></tr><tr><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">CLSA </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">₹730 </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(217, 217, 217); padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">27% </td></tr><tr><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">Goldman Sachs </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">₹675 </td><td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 0pt 5.75pt; overflow: hidden; overflow-wrap: break-word;">17% </td></tr></tbody></table> Note: Upside compared to Airtel’s share price of ₹574, on August 4, 2021 SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms">As Vodafone Idea shares dive 10% and more, here's a look at what analysts had to say about it prospect in recent weeks</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-shares-fall-as-sc-rejects-agr-dues-re-computation-appeal/articleshow/84668288.cms">Vodafone Idea sinks nearly 10% and Airtel tumbles a bit after India’s Supreme Court denies a discount on past dues</a> <a href="https://www.businessinsider.in/business/telecom/news/its-the-day-airtel-and-vodafone-idea-have-been-waiting-for-heres-the-agr-case-timeline-of-26-years/articleshow/77845908.cms">Airtel and Vodafone Idea get 10 years to repay AGR dues – here’s a timeline of the case</a>

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<ul><li><keyword id="1553175" type="General" weightage="100" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword> today told analysts that another round of tariff hikes is likely before the end of 2022.</li><li>The telco also needs a tariff hike boost more than its rivals Airtel and Jio do, as it struggles to retain subscribers and its current ARPU levels are much lower than those of its rivals.</li><li>The telco lost 15 million subscribers and the gap between its total and active subscribers is increasing too. </li></ul>India’s third largest telecom provider Vodafone Idea today said that another tariff hike is possible before the end of 2022 as it looks for a margin boost to improve its liquidity. In an analyst concall today, Vodafone Idea’s CEO <keyword id="5188531" type="General" weightage="50" keywordseo="ravinder-takkar" source="Orion">Ravinder Takkar</keyword> said the “time is right to think about a further price hike”. “Tariff hike environment is right and we won’t hesitate to take leadership in hiking prices,” Takkar said. “Customers have taken November tariff hikes very well. Almost all of it has flown to our ARPU numbers. Another tariff hike is possible by the end of the year,” he added further, noting that average revenue per user or ARPU has increased consistently from ₹104 a year ago to ₹128 now. Even as it is earning more from its customers, it has lost 15 million subscribers during the same period. While its revenue grew nearly 14% to ₹10,407 crore in the first quarter as compared to last year, it posted a massive net loss of ₹7,297 crore. The gap between its total and active subscribers is also widening, suggesting that more users than before do not have an active plan. <cmsannotation type="cmsannotation" annotationid="Subscriber churn remains a big problem – Vi is betting on value added services to improve stickiness" comment="subhead" text="Subscriber churn remains a big problem – Vi is betting on value added services to improve stickiness">Subscriber churn remains a big problem – Vi is betting on value added services to improve stickiness</cmsannotation> For now, Vodafone Idea is betting on its <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-partners-with-nazara-tech-to-foray-into-mobile-gaming/articleshow/90198674.cms">partnership with Rakesh Jhunjhunwala-backed Nazara Tech for online gaming</a>, and other streaming services like Netflix, Amazon Prime Video, Hotstar, Zee5 and others to maintain subscriber stickiness. <div type="image" title="Vodafone Idea subscribers Q1 FY22 to Q1 FY23." msid="93348841" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea subscribers&amp;lt;/p&amp;gt;"></div> The only positive, though, is that the number of 4G subscribers have increased, from 113 million a year ago to 119 million now. Still, this is less than half of Vodafone Idea’s total subscriber base. <div type="Article" hostid="261" msid="93312184" title="5G services might kickoff in October but your mobile bills could rise sooner" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Consumer engagement is falling, too" comment="subhead" text="Consumer engagement is falling, too">Consumer engagement is falling, too</cmsannotation> What should also concern Vodafone Idea is consumer engagement on its platform, which has declined both in terms of voice as well as data consumption. <div type="image" title="Vodafone Idea data voice arpu Q1 FY22 to Q1 FY23." msid="93348873" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea&amp;#39;s consumer engagement metrics&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="5G will likely be at a premium to 4G, but rollout unknown" comment="subhead" text="5G will likely be at a premium to 4G, but rollout unknown">5G will likely be at a premium to 4G, but rollout unknown</cmsannotation> Thanks to its liquidity concerns, Vodafone Idea’s bids in the recently-concluded <a href="https://www.businessinsider.in/business/telecom/news/heres-how-much-mobile-bills-can-increase-from-5g-network-service/articleshow/93312184.cms">5G spectrum auctions</a> were 2.3x and 4.6x lower than its rivals Airtel and <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-posts-a-moderate-5-increase-in-profits-in-q1-fy23-adds-10-million-new-subscribers/articleshow/93058640.cms">Reliance Jio</a>, respectively. To make matters worse, the company has not committed to any particular launch date for 5G services, yet. Its rivals Airtel and Reliance Jio are <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-5g-services-could-be-launched-on-august-15/articleshow/93341992.cms">likely to launch</a> their services in this very month. Vodafone Idea’s financial metrics at a glance: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY22 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY22 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹10,407 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹10,229 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹9,144 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-₹7,297 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-₹6,561 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-₹7,319 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net margin </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-70% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-64% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-80% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ARPU </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹128 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹124 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹104 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: Company reports The telco also lost over $10 million a day during Q1 FY23 – largely due to finance costs. Its limited resources have forced the telco to focus investments in its core circles and reduce capex as much as possible. This is evident from the fact that Vodafone Idea has undertaken refarming 2G and 3G spectrum to 4G to minimize costs and enhance its capacities. Takkar also said he hopes 5G will be at a premium to 4G, but that would also likely mean users will get higher data allowances to make up for it. While the company underlined that the ₹4,940 crore equity infusion by its promoters shows they are confident about its prospects, it refrained from revealing any information about future fundraising plans. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nifty-sensex-fall-after-a-6-session-streak-amid-china-taiwan-crisis/articleshow/93341328.cms">Markets snap their six-day winning streak with a marginal fall</a> <a href="https://www.businessinsider.in/finance/news/rbi-and-us-fed-policies-are-more-similar-than-you-think/articleshow/93329850.cms">RBI and US Fed policies are more similar than you think</a> <a href="https://www.businessinsider.in/business/telecom/news/heres-how-much-mobile-bills-can-increase-from-5g-network-service/articleshow/93312184.cms">5G services might kickoff in October but your mobile bills could rise sooner</a>

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<ul><li>Media reports suggest that the government is considering picking up a stake in Vodafone Idea.</li><li>This could be done by way of converting Vodafone Idea’s existing dues as equity.</li><li>Experts suggest that this could be a bad idea.</li></ul>Vodafone Idea continues to be in a phase of flux as the government drags its feet on announcing the much-awaited telecom relief package. But while the government draws a plan in this regard, there are reports that suggest it is considering picking up a stake in the company. According to a report by The <a href="https://telecom.economictimes.indiatimes.com/news/govt-considers-picking-up-token-stake-in-vodafone-idea/86219448">Economic Times</a> (ET), the Indian government could pick up a “token” stake in Vodafone Idea in a bid to encourage prospective investors from ploughing their money in the struggling telco. “A decision could be taken by the Cabinet on Wednesday, but there’s no certainty,” an unnamed person was quoted by ET. At the moment, media reports suggest that the government wants to offer a moratorium of four years on adjusted gross revenue (AGR) and spectrum dues as part of its telecom relief package. <div type="Article" hostid="261" msid="86196076" title="Yes Bank, SBI and others want Vodafone Idea to be saved, here’s why" mstype="2" mssubtype="0"></div> Now, the ET report states that the government could convert a part of its dues – currently standing at over ₹58,000 crore – into equity to breathe confidence in the company’s future and encourage other investors to infuse equity. The report further states that the government may consider picking up an additional stake after four years. <cmsannotation type="cmsannotation" annotationid="‘A remedy worse than the disease’" comment="subhead" text="‘A remedy worse than the disease’">‘A remedy worse than the disease’</cmsannotation> However, <a href="https://www.businessinsider.in/business/telecom/news/minimising-the-fallout-from-a-vodafone-idea-collapse-heres-what-lenders-and-experts-suggest/articleshow/85171047.cms">experts suggest</a> that the government buying a stake in Vodafone Idea may not be wise. <div type="Video" msid="85209717" hostid="261" title="What if Vodafone Idea dies and can it be saved?" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=85209717"></div> “Converting Vodafone Idea into a government company, or merging it with a government company might probably be a remedy worse than the disease,” said R Chandrashekhar, former secretary of Telecom and Information Technology, in an <a href="https://www.businessinsider.in/business/telecom/news/what-if-vodafone-idea-dies/articleshow/85127937.cms">exclusive interview</a> with Business Insider. Sanjay Kapoor, former chief executive officer (CEO) of Bharti Airtel, alluded to culture clash. “Bringing together an Indian company, a global company culture and a public sector company’s culture together, and managing the fate of those 1 lakh public sector employees – who in the private sector has the wherewithal to do it?” asked Kapoor. It will be interesting to see whether a token stake will be enough to attract investors to invest in Vodafone Idea. As things stand right now, the company remains in a state of flux. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/yes-bank-sbi-and-others-want-vodafone-idea-to-be-saved-heres-why/articleshow/86196076.cms">Yes Bank, SBI and others want Vodafone Idea to be saved, here’s why</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-stocks-fall-amid-reports-that-government-hasnt-discussed-proposal-for-a-telecom-relief-package/articleshow/86033281.cms">Vodafone Idea falls after reports that government hasn’t discussed proposal for a telecom relief package</a> <a href="https://www.businessinsider.in/business/telecom/news/jiophone-next-is-the-new-weapon-in-ambanis-arsenal-as-he-takes-aim-at-the-500-million-subscriber-mark/articleshow/85974565.cms">JioPhone Next is the new weapon in Ambani’s arsenal as he takes aim at the 500 million subscriber mark</a>

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