Q4 FY22 (JAN-MAR 2022) Concall Summary

VODAFONE IDEA LIMITED

Concall Date: 11 May 2022

Revenue: ₹10,239.5 cr (▲6.6%) Net Profit: ₹-6,563.1 cr (▲6.5%)

FINANCIAL HIGHLIGHTS
PARTICULARS Q4 FY22 Q4 FY21 Change % FY22 FY21 Change %
(₹ cr) (₹ cr) YoY (₹ cr) (₹ cr) YoY
Revenue from Operations 10,240 9,608 6.6% 38,516 41,952 8.2%
Net Profit (6,563) (7,023) 6.5% (28,245) (44,233) 36.1%
EBITDA ₹4,649 cr (Q4)
EBITDA Margin 45.4% (Q4)
Average Revenue Per User ₹124 (Q4)
Subscriber Base* 24.4 cr
*as on 31st March 2022
• During the quarter, revenue growth was supported by several tariff interventions including tariff
hikes effective since 25th November 2021.
• The total gross debt (excluding lease liabilities and including interest accrued but not due) as on 31 st
March 2022 stood at ₹1,97,880 crore, comprising of deferred spectrum payment obligations of
₹1,13,860 crore, adjusted gross revenue (AGR) liability of ₹65,950 crore that are due to the
government and debt from banks and financial institutions of ₹18,070 crore. Cash & cash
equivalents was ₹1,460 crore and net debt stood at ₹1,96,420 crore.
• Operating expenditure (Opex) for the quarter reduced to ₹5,590.5 crore from ₹5,900.8 crore in Q3
FY22, implying a decrease of ~5% QoQ.
• Capital expenditure (capex) for Q4 FY22 was ₹1,210 crore v/s ₹1,050 crore in Q3 FY22. Total capex
spends for FY22 stood at ₹4,490 crore v/s ₹4,150 crore in FY21.
• In Q4 FY22, EBITDA growth was seen on a sequential basis due to improvement in revenue which
was partially offset by higher subscriber acquisition costs.

BUSINESS HIGHLIGHTS
• Due to tariff hikes in November 2021, average revenue per user (ARPU) during the quarter
improved to ₹124, up by ~7.8% QoQ v/s ₹115 in Q3 FY22 and the subscriber base declined to ~24.4
crore v/s ~24.7 crore in Q3 FY22.
• The 4G subscriber base continued to grow on the back of superior data and voice experience, adding
10 lakh customers during the quarter, making the total count of 4G subscribers base to 11.8 crore.
• The average daily revenue for the quarter witnessed a sequential growth of 7.7%.
• Subscriber churn was flat on a sequential basis, which stood at 3.4%.
 Concall Summary
VODAFONE IDEA LIMITED

• Data usage per 4G subscriber was at ~13.9 gigabyte (GB) per month in Q4 FY22 v/s ~12.9 GB per
month in Q4 FY21, implying a growth of 7.8% YoY.
• In Q4 FY22, the total data volume (2G+3G+4G) increased to 5,237 billion MB (megabyte) from 4,856
billion MB in Q4 FY21, i.e., an increase of ~7.8% YoY.

UPDATES
• The company continued to expand its digital portfolio with several new offerings across music,
games, education & jobs in partnership with leading service providers to improve customer
engagement.
• The company had completed its preferential allotment of ₹4,500 crore. As a result, the aggregate
shareholding of the promoter group in Vodafone Idea Limited (VIL) had increased from 72.05% to
74.99%.
• In line with the announced reform package on 29th March 2022, the department of
telecommunication (DoT) has till date returned the financial bank guarantees amounting to
~₹16,000 crore.
• During the year, the company added ~27,000 4G FDD (frequency division duplex) sites primarily
through refarming of 2G/3G spectrum to expand the 4G coverage and capacity. Their overall
broadband site count stood at 4,55,264 as on 31st March 2022.

FUTURE OUTLOOK
• Going forward, the company will spend its majority of capex into refarming of 2G/3G spectrum to
expand the 4G coverage and capacity.

SEBI Registration no: IHN3000007493

Disclaimer:

This document has been prepared to provide a brief summary of the conference call conducted by the companies
and is intended to be used for learning enhancements. Nothing contained herein should be construed as a
recommendation on any stock or sector.