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Motilal Oswal Report
Vodafone Idea Ltd. saw a healthy flow through of December 2021 tariff hikes – with cumulative increase of average revenue per user and Ebitda at 14% and 20% over Q2 FY22-Q4 FY22, respectively, significantly better than the previous tariff hikes when the revenue/Ebitda flow through was notably lower.
Additional equity infusion from promoter too aided in fulfilling non-convertible debenture repayments of Rs 50 billion.
The subscriber churn, though, still continues. Further, its Q4 FY22 annualised adjusted Ebitda of below Rs 80 billion is not sufficient to fulfill its FY23E repayments.
Yet, Vodafone Idea is spending intensively on network capex to retain market share. Therefore, the much awaited capital raise remains critical in providing immediate liquidity even after the tariff hikes.
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