Vodafone Idea (IDEA) Q4 24/25 earnings summary

Executive summary

• Board approved audited results for Q4 and FY2025, highlighting network investments and strategic initiatives.

• 5G services launched in Mumbai, Delhi, Chandigarh, and Patna, with plans to cover all 17 circles by August 2025.

• Significant reduction in subscriber loss and improved customer experience due to network expansion.

• 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.

Financial highlights

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

• FY2025 EBITDA: INR 181.3 billion, up from INR 171.7 billion in FY2024.

• FY2025 net loss: INR 273.8 billion, improved by INR 38.5 billion over FY2024.

• Net cash from operating activities was Rs 92,906 Mn, but net cash used in investing and financing activities led to a marginal increase in cash and cash equivalents.

• Bank debt reduced from INR 40.4 billion to INR 23.3 billion year-over-year.

Outlook and guidance

• 4G population coverage to reach 84% with current CapEx; target of 90% coverage linked to securing additional bank funding.

• 5G rollout to all 17 spectrum circles by August 2025.

• 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.