On January 29, 2024, Vodafone Idea Limited (BSE, NSE: IDEA) announced its Q3 2023-24 results, delivering the Company’s tenth consecutiece quarter of 4G subscriber additions plus ARPU enhancement.
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Vodafone Idea Q3 FY24 Result Takeaways:
Here are the main highlights of the results for Q3 FY24:
- In Q3 FY24, the Revenue of the Company was at ₹106.7 billion, expressing a YoY growth of 0.5% aided by an improvement in the mix of subscribers, 4G subscriber additions, as well as alterations in entry level plans.
- The Company’s EBITDA for Q3 FY24 increased by 6.8% YoY, from ₹20 billion in Q3 FY23 to ₹21.4 billion in Q3 FY24. This translates to the Company’s highest EBITDA in the last 11 quarters.
- The Company’s ARPU for Q3 FY24 was at ₹145 against ₹135 in Q3 FY23, with a YoY growth of 7.4% in Q3 FY24.
- The Company’s 4G subscriber base, in Q3 FY24, rose to 125.6 million compared to 121.6 million in the same quarter of the previous fiscal year.
- The Company launched a new campaign in Q3 FY24 – ‘Be Someone’s We’ – specifically designed to send a strong message of how a mobile
- network serves as a bridge for creating human and social bonds, contributing to inclusivity and promoting an idea of togetherness.
Additional Read: Q3 Results Dashboard
Highlights from the Management
The MD and CEO of Vodafone Idea had some details of the results to offer, and these are shared below:
- The Company has reported its highest-ever quarterly EBITDA (pre-IndAS 116) of We are pleased to report highest EBITDA (pre-IndAS 116)
- of ₹21.4 billion in the last 11 quarters.
- Aligned with the Company’s customer requirements, it has ramped up offerings and concentrated on ways to gain an edge over the competition.
- As a result of optimal business execution efforts, the Company has managed another quarter witnessing the growth of ARPUs and subscribers.
- The Company remains involved with diverse parties in its efforts at raising funds for investments in network expansion, especially with a view to the rollout of 5G networks.
Operational Review
On the business side, the Company had some highlights to share, and these have enhanced the growth of the Company in Q3 FY24:
- The Company has made come capital investments, concentrating on 17 priority circles for the expansion of its capacity by the rolling out of new 4G sites on existing locations, extending high-speed broadband network coverage, and upscaling the Company’s transmission network and by reframing the 2G/3G spectrum to 4G.
- At the end of Q3 FY24, the entire broadband site count was at ~ 438,900 with~ 1,400 4G sites added in the quarter.
- The Company has closed 3G networks in Gujarat, Maharashtra, Andhra Pradesh, Mumbai and Kolkata completely, by reframing the spectrum.
- To date, and at the close of Q3 FY24, the Company has successfully installed ~74,800 TDD sites apart from deploying ~13,900 Massive MIMO sites and ~13,000 small cells.
- Furthermore, the Company continues with the expansion of its LTE 900 presence in 14 circles at several locations.
- The Company is continuing its discussions with diverse partners to collaborate with for its 5G rollout plan.
- The Company is also in an advanced phase of 5G trials, leveraging new technologies like ORAN and vRAN.
- The 4G subscriber base of the Company has witnessed an addition of 4.1 million.
- The new campaign was aimed at the Gen Z and millennial demographic that have shown how these populations digital and phone networks like Vi. The campaign was also targeted at the senior citizen population as loneliness is prevalent in this population too, besides the fact that mobile networks make life convenient for people in this age segment.
- The Company has received the honour of the Frost and Sullivan Best Practices Award of 2023 with the Company’s Smart Mobility solution earning the 2023 Enabling Technology Leadership Award and the Company’s Session Initiation Protocol (SIP) Trunking Services earning the 2023 Technology Innovation Leadership Award for the second successive time.
Financial Results at a Glance
Here is a glimpse of the financial results of Q3 (figures in ₹ Mn as expressed by the Company’s Q3 results, except where indicated otherwise):
| Metrics | Q3 FY 2022-23 | Q3 FY 2023-24 |
| Revenue | 106,206 | 106,731 |
| EBITDA | 41,808 | 43,504 |
| EBITDA % | 39.4% | 40.8% |
| PAT | (79,900) | (69,859) |
| Total Comprehensive Income | (79,880) | (69,890) |
Additional Check: Vodafone Idea Share Price
Q3 FY24 Result Summary
An Aditya Birla Group and Vodafone Group collaboration, Vodafone Idea is among India’s top telecom service providers. Vodafone Idea offers its services across the length and breadth of India, providing Voice and Data spanning 2G, 3G, and 4G networks. The Company has a broad spectrum portfolio that includes mid-band 5G spectrum within 17 circles plus mmWave 5G spectrum in 16 circles. In its efforts to make more and more Indians go digital, the Company strives to enhance its offerings and expand its network base. Infrastructure development to meet this goal is ever-evolving with each period of the Company’s growth.
With the telecom major releasing its Q3 FY24 results, it registered a substantial decline in its Net Loss compared to the same quarter of the previous financial year. With ARPU and 4G subscribers on the rise in Q3 FY24, the Company is all set to go into the months ahead with optimistic prospects. The Company’s growth trajectory is gradually, but surely, being aided by the enhancement of subscriber mix, additions of 4G subscribers, and modifications in subscriber entry-level plans.
Source: Vodafone Idea Press Release on BSE
