Vodafone Idea's Q2 net loss narrows to Rs 7,218 cr

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SME Times News Bureau | 30 Oct, 2020
Vodafone Idea has narrowed its consolidated net loss for the quarter ending September to Rs 7,218.2 crore.

During the corresponding period of the last fiscal, the company had reported a consolidated net loss of Rs 50,921.9 crore.

The company's revenue from operations during the period under review was at Rs 10,786.1 crore, against Rs 10,838.9 crore during the July-September quarter of FY20.

Noting that the impact of outbreak of coronavirus pandemic and the subsequent slowdown of economic activities continued during Q2FY21, the company, in a statement, said that the company, however, witnessed some recovery with partial easing of lockdown at state levels, and gradual resumption of economic activities.

Vodafone India Ltd MD and CEO Ravinder Takkar said: "While we continue to face Covid-19 induced challenges, Q2FY21 showed signs of recovery with a gradual improvement in economic activities."

"We are executing on our strategy and our cost optimisation exercise has already started to yield incremental savings. We have also initiated a fund raising exercise to support our strategic intent. Further, we continue to interact with the government seeking long term solutions to the critical challenges, which the industry faces," he said.