Vodafone Idea, one of India’s major telecom operators headquartered in Maharashtra, reported a narrowing net loss of ₹7,166.1 crore for Q4FY25. Despite a quarter-on-quarter rise in losses, the company recorded a year-on-year improvement. Its board has also approved a fundraise of up to ₹20,000 crore to support capex and reduce liabilities.
Vodafone Idea, a leading Indian telecom operator jointly formed by the merger of Vodafone India and Idea Cellular, reported a consolidated net loss of ₹7,166.1 crore for the quarter ended March 2025 (Q4FY25). This marks a narrowing of losses compared to ₹7,674.6 crore in the same period last year, though higher than the ₹6,609.3 crore loss in Q3FY25.
The company’s revenue from operations rose 3.8% year-on-year to ₹11,013.5 crore from ₹10,606.8 crore. Average Revenue Per User (ARPU) also witnessed a healthy 14.2% YoY growth, reaching ₹175, up from ₹153, driven by recent tariff hikes and customer upgrades.
This has been a turnaround quarter for us, marked by the highest average daily revenue in the past 5 years and a significant reduction in subscriber loss.”
Akshaya Moondra, Vodafone Idea’s CEO
For the full financial year FY25, the company reported a total loss of ₹27,383.4 crore, narrowing from ₹31,238.4 crore in FY24, while annual revenue increased 2.1% to ₹43,571.3 crore.
The company’s debt obligations remain substantial. As of March 31, 2025, Vodafone Idea reported ₹2,345.1 crore in bank loans and deferred dues of ₹1,94,910.6 crore toward spectrum and AGR payments, which stretch to FY2044 and FY2031 respectively.
The government of India now holds a 49% stake in the company, up from 22.6%, following the conversion of spectrum dues to equity. However, operational control remains with the promoter group, holding a 25.6% stake.
While the Supreme Court dismissed Vodafone Idea’s plea on AGR dues, the company stated that it continues to engage with the government to explore potential relief based on its future cash flow projections.
₹20,000 Crore Fundraising Plan
Vodafone Idea’s board has approved a fundraise of up to ₹20,000 crore through equity and other permissible instruments. The fundraising could be executed via public offering, private placement, or a mix of qualified institutional placements, GDRs, ADRs, bonds, convertible debentures, or warrants.
The Capital Raising Committee has been authorized to evaluate and finalize the route and execution strategy.
On May 30, Vodafone Idea shares closed 3.22% lower at ₹6.92 on the Bombay Stock Exchange (BSE).
