India's third major telecom company suffered heavy losses

Jul 02 2020 10:11 AM
India's third major telecom company suffered heavy losses

When the lockdown was imposed across the country due to Coronavirus, the work of many people was stopped. Be it a small work or big company everyone was struggling with this problem. Vodafone Idea, the country's third-largest telecom company, said on Wednesday that its net loss during the fiscal year ended March 2020 was Rs 73,878 crore after making provision for statutory dues as per the Supreme Court directives. This is by far the largest annual loss to any Indian company.

Apart from this, the court had ordered that non-telecom income would also be included in the calculation of statutory dues, after which the company has to pay Rs 51,400 crore. The company said that this liability raised serious doubts about the company's continuance. Vodafone Idea (VIL) told the stock market that its net loss during the March quarter stood at Rs 11,643.5 crore.

It was Rs 4,881.9 crore during the same quarter a year ago and Rs 6,438.8 crore in the October-December 2019 quarter. The company incurred a loss of Rs 73,878.1 crore during the last financial year. Vodafone Idea incurred a loss of Rs 14,603.9 crore during the financial year 2018-19.

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