Monday, 18 October 2021

License fee dues paid by VI for the first quarter of 2021-22

License fee due paid by VI for the first quarter of 2021-22

VI comment came amid a report that the troubled telco fell ₹150 crores short on payment of license fee for the June quarter.

On Thursday, Vodafone Idea Ltd (VIL) said it had paid license fee dues for the first quarter of the year 21-22. The statement came amid a report that the troubled telco -- which is struggling to stay afloat -- fell ₹150 crores short on payment of license fee for quarter June.

A VIL spokesperson said in response to an email by PTI. The statement did not give out any more detail.

"VIL has paid the licence fee dues for first quarter of 21-22,"

VIL is in the grip of existential crisis, and the debt-ridden telco's Q1 earnings and June quarter operational metrics announced on Saturday had disappointed analysts.

As per the Q1 report card issued by telco, the overall gross debt, which doesn't include lease liabilities and includes interest accrued but not due as of June 30, 2021, of VIL stood at ₹1,91,590 crore,

Comprising of deferred spectrum payment obligations of ₹1,06,010 crore and adjusted gross revenue (AGR) liability of ₹62,180 crore due to the government.

License fee dues paid by VI for the first quarter of 2021 22 1getty image

Read More: Bharti Airtel and Vodafone's Idea Might Have Good News Coming In!

VIL posted a lower consolidated loss of ₹7,319 crores for the first quarter ended June 30, 2021, against a ₹25,460 loss last year. The combined revenue from operations of Vodafone Idea declined by about 14 percent to ₹9,152.3 crores during the reported quarter from ₹10,659.3 crores in the quarter of 20-21.

Lately, Kumar Mangalam Birla stepped down from the post of chairman of VI Ltd within two months of offering transfer to Aditya Birla Group's stake in the telco to the government to bid to prevent crisis for the organization. Last week, VI filed a review petition in Supreme Court after the apex court dismissed its plea to rectify the alleged errors in calculating AGR (adjusted gross revenue) related fees.

VIL has said that the review petition is "a travesty of justice" that the company is restraining from questioning the arithmetical errors/omissions, which will cost it about ₹25,000 crores ( ₹5,932 crores of principal plus interest, penalty, and penalty interest).

During earnings earlier this week, Vodafone Idea CEO Ravinder Takkar said the company is hopeful that the government will offer necessary support to address structural issues in the sector and had emphasized that floor pricing, even in an interim manner, could help.

Follow Us

Popular Post