Vodafone Idea, Bharti Airtel 📶Feel Sting of Supreme Court’s Verdict 🔊on Adjusted Gross Revenues

  |   India News

Vodafone Idea, India's second-largest telco by number of subscribers, reported a record net loss of ₹50,922 crore, the largest in Indian corporate history, due to a one-time provision of ₹30,774.5 crore made post the Supreme Court's ruling in favour of the Department of Telecom's interpretation of adjusted gross revenues (AGR).

"Consequent to the recent judgment by the Supreme Court, we have accounted for the estimated liability of ₹27,610 crore related to license fee and ₹16,540 crore related to spectrum usage charges up to September 30, 2019 including the interest, penalty and interest thereon of ₹33,010 crore," Vodafone Idea said in a statement.

This estimate was based on demands received from DoT till date, an estimation for the period for which demands had not been raised, together with interest and penalty adjusting for certain computation corrections, it added.

The loss was reported in spite of a 41.5% increase in revenue to ₹10,844 crore during the quarter. Company's EBITDA during the quarter stood at ₹3,347 crore.

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