Vodafone Idea (IDEA) Q4 24/25 earnings summary

Executive summary

• Significant investments in network expansion, including 5G rollout in key cities and aggressive 4G coverage growth, have led to improved customer experience and reduced subscriber loss.

• FY2025 saw a total equity raise of INR 614 billion, including FPO, preferential issues to promoters and vendors, and conversion of government dues to equity, increasing government shareholding to 49%.

• Consolidated net loss for the year ended March 31, 2025 was Rs 273,834 Mn, with a negative net worth of Rs 703,202 Mn.

• Going concern status is dependent on government support, successful fund-raising, and operational cash flows.

• The company is focused on digital transformation, launching innovative prepaid and postpaid plans, expanding digital partnerships, and enhancing enterprise offerings.

Financial highlights

• Q4 FY2025 revenue was INR 110.1 billion, up 3.8% quarter-on-quarter; FY2025 revenue reached INR 435.7 billion, up 2.2% year-over-year.

• Reported EBITDA for FY2025 was INR 181.3 billion, up from INR 171.7 billion in FY2024.

• FY2025 net loss (PAC loss) was INR 273.8 billion, an improvement of INR 38.5 billion over FY2024.

• Basic and diluted EPS for FY25 was Rs (4.01), compared to Rs (6.41) in FY24.

• Cash and bank balance as of March 31, 2025, stood at INR 99.3 billion.

Outlook and guidance

• 5G services to be launched in all 17 circles with 5G spectrum by August 2025.

• 4G population coverage targeted to reach 84% with current CapEx, with a longer-term goal of 90% coverage dependent on bank funding.

• CapEx for FY2026 expected to be around INR 6,000 crore in the near term, with further guidance to be provided next quarter.

• The ability to continue as a going concern hinges on further support from the Department of Telecommunications (DoT), successful fund-raising, and improved cash generation.

• Management expects to engage further with the government on AGR dues and believes it can realize assets recoverable from erstwhile Vodafone India Limited.