New Delhi: India's largest telecom operator Vodafone Idea Ltd on Friday said its consolidated loss has narrowed to Rs 4,873.9 crore for the first quarter ended June 30.
The company had reported Rs 4,881.9 crore loss during the fourth quarter of 2018-19.
The merger of the India unit of Vodafone Group and Idea Cellular was completed on August 31, 2018.
The revenue of Vodafone Idea for the June 2019 quarter fell to Rs 11,269.9 crore as against Rs 11,775 crore logged in the January-March 2019 quarter.
"We are delivering on our stated strategy although the benefits are not yet visible in our top line. As we continue to integrate our networks, our customers' data experience is significantly improving in most service areas..." Vodafone Idea CEO Balesh Sharma said.
The company is well on track to deliver its synergy targets by the first quarter of FY21, he added.
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He added that the company is well on track to deliver its synergy targets by the first quarter of FY21.
The company said its CAPEX spend for the first quarter was Rs 2,840 crore, and its gross debt as on June 30, 2019, was at Rs 12,044 crore.
The company's subscriber base declined to 320 million from 334.1 million in the fourth quarter.
Jio's free voice and dirt-cheap data offering have dented the financial metrics of older operators, deepening the impact of regulatory decisions like cut in termination charges, even though the voice and data usage have been growing at a scorching pace.
Last week, Reliance Jio - which is now India's second-largest telecom operator in subscriber base - posted 45.6 percent rise in net profit for June quarter of 2019-20 to Rs 891 crore.
For the first quarter ended June 30, Reliance Jio's operating revenue stood at Rs 11,679 crore, up 44 percent over the year-ago period. Its subscriber base stood at 331.3 million as on June 30, 2019.
