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In the quarter ended on March 31, 2023, Vodafone Idea’s consolidated loss narrowed to Rs 6,418.9 crore.
Vodafone Idea has purged the partners from the multi-brand retailer segment and the company has also stopped paying commissions
Cash-strapped Vodafone Idea has removed about 25,000 or about 5-7 per cent of its retail partners in India to cut costs, according to an ET report. It said Vodafone Idea has purged the partners from the multi-brand retailer segment and the company has also stopped paying commissions.
Vodafone Idea has a network of 4-5 lakh retail touchpoints across the country, a majority of whom are multi-brand operators. Multi-brand operators are those who offer services for all telecom firms. Apart from multi-brand operators, Vodafone also has a few thousand exclusive retailers.
In the quarter ended on March 31, 2023, Vodafone Idea’s consolidated loss narrowed to Rs 6,418.9 crore. The company had recorded a loss of Rs 6,563.1 crore in the same period a year ago.
The consolidated revenue from operations of the company increased by about 3 per cent to Rs 10,531.9 crore during Q4FY23 from Rs 10,239.5 crore in March 2022 quarter.
However, Vodafone Idea (VIL) reported a widening of loss to Rs 29,297.6 crore for the year ended March 31, 2023. The company had posted a consolidated loss of Rs 28,234.1 crore in the fiscal year 2021-22.
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