Vodafone Idea's loss in Q3 mounts to Rs 4,974 crore

The company's board has approved a rights issue of up to Rs 25,000 crore, it informed stock exchanges.

Mumbai: Vodafone Idea on Wednesday reported a loss of Rs 5,004 crore for the quarter ended December 2018.

The company had posted a loss of Rs 4,974 crore in its previous quarter ended September 30.

Tax expenses of the merger entity shot up to Rs 1,999 crore during Q3 of fiscal 2018-19 over Rs 45.4 crore in the July-September period.

The company's board has approved a rights issue of up to Rs 25,000 crore, it informed stock exchanges.

Vodafone's average revenue per user rose to Rs 89 in Q3 of FY 19 from Rs 88 in Q2 of FY 19.

But gross debt stood at Rs 1.23 lakh crore, including deferred spectrum payment obligations due to the government of Rs 91,480 crore.

Cash and cash equivalents totalled Rs 8,900 crore, resulting in net debt of Rs 1.14 lakh crore.

Telecom industry financials have been adversely hurt after the entry of Reliance Jio and falling tariffs.