Vodafone Idea recorded a wider loss in its fiscal Q1 2024 (ending 30 June), hit by a spike in operating and financing costs, and a loss of 19 million mobile subscribers as 4G growth slowed.

In earnings documents, CEO Akshaya Moondra highlighted Vodafone Idea booked an eighth consecutive quarter of growth in ARPU and 4G subscribers.

He added it “remains engaged” with lenders to raise funds to pay down debt, along with other parties for equity or equity-linked fundraising to make the required investments for network expansion, including a 5G rollout.

The operator is holding talks various network vendors to finalise its 5G rollout strategy, Moondra stated.

Opex increased 6.8 per cent year-on-year to INR65 billion ($784.8 billion) and financing costs 9.8 per cent to INR63.8 billion.

Capex fell nearly 50 per cent to INR4.5 billion.

Its mobile user base fell 7.9 per cent to 221.4 million, with LTE subscribers growing 3.3 per cent to 122.9 million.

A net loss of INR78.4 billion was up from INR73 billion.

Revenue rose 2.4 per cent to INR106.6 billion, aided by 7.1 per cent rise in ARPU to INR139.

Average LTE data usage increased 9.7 per cent to 16GB a month.

Total broadband sites fell by 12,600 to 442,100.

Vodafone Idea yesterday (14 August) submitted a letter to the Department of Telecommunications proposing to pay a spectrum instalment of INR16.8 billion due on 17 August, with the company to take advantage of a 30-day grace period.