Indian telco Vodafone Idea has recorded its worst quarter for revenue in more than two years.
Revenue for the second quarter of the year fell from INR 106.59 billion (€1.22 billion) to INR91.52 billion (€1.05 billion) year-over-year. The operator also lost more than 20 million subscribers during that time, dropping from 279.8 million customers to 255.4 million.
The revenue loss of INR 73.19 billion (€840 million) was larger than analyst forecasted losses of INR 65.01 billion (€740 million).
In a statement, the joint venture between UK operator Vodafone and Idea Cellular blamed the decline on the impact of the Covid-19 pandemic.
Amid the impact of the pandemic and facing INR 500 billion (€5.72 billion) in debt to the Indian government, the company’s billionaire non-executive chairman Kumar Mangalam Birla last week announced his resignation. The company’s stock has also dropped by more than 40% in 2021.
Vodafone Idea said that it “is currently in active discussion with potential investors” over ways of alleviating its debts.
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