Vodafone Idea Posts a Loss Again as Rivals Lure Away Users
- Intense competition for India’s third-largest mobile operator
- Results also said to be affected by India’s Covid wave
A Vodafone Idea Ltd. employee walks towards a store in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Vodafone Idea Ltd., India’s number three wireless phone operator, posted another quarter of losses as rivals lured away customers amid cut-throat competition in the sector.
The Mumbai-based joint venture between Vodafone Group Plc and Indian billionaire Kumar Mangalam Birla’s conglomerate posted a higher-than-expected loss 73.2 billion rupees ($986 million) for the quarter through June, compared with a 254.6 billion-rupee loss in the same period last year, according to an exchange filing Saturday. Revenue fell 14% to 91.5 billion rupees.