India’s Vodafone Idea Limited reported its lowest quarterly revenue in two years after quarterly revenues fell to 91.52 billion rupees from 106.59 billion rupees a year earlier.
The company also posted a bigger-than-expected loss, as the telecoms operator posted a quarterly loss of 73.19 billion rupees, compared with the 65.01 billion rupees forecast, according to Refinitiv data.
While the company continues to lose subscribers to rivals due to increased competition, the company’s official report released Saturday showed that its subscriber base fell to 255.4 million from 279.8 million a year earlier.
The company, a joint venture between Vodafone Group and India’s Idea Cellular, attributed the decline in revenues to a slowdown in economic activity, which was hampered by the COVID-19 pandemic restrictions.
Recent developments, including the decision by non-executive chairman Kumar Mangalam Birla to step down, have raised concerns about the company’s future as it battles losses in sales and debt.
For more information, read the original story in Reuters.