Vodafone Idea’s March quarter results are out. There has been a huge reduction in the loss of the company as compared to March 2020, despite this the company has a loss of Rs 7,022 crore in the March quarter.
Rating agency Goldman Sachs has given a sell advice in its stock.
Vodafone Idea result: The effect of Vodafone-Idea merger is starting to show. On Wednesday, the company announced the results for the March quarter. The debt-ridden telecom company said that its consolidated loss came down to Rs 7,022.8 crore in the fourth quarter of the last financial year. The main reason for this was cost reduction.
The company told the stock market that in the same quarter of the previous financial year, its loss was Rs 11,643.5 crore. The company’s total income declined by 19 per cent to Rs 9,647.8 crore in the quarter ended March 31, 2021 from Rs 11,920.4 crore in the same quarter of FY 2019-20. The company’s loss in the financial year ended March 31, 2021 came down to Rs 44,233.1 crore from Rs 73,878.1 crore in the financial year 2019-20. On the other hand, the company’s consolidated income declined by eight per cent to Rs 42,126.4 crore during the same period as against Rs 45,996.8 crore in the previous fiscal.
Ongoing discussion with investors
Ravinder Thakkar, Managing Director and Chief Executive Chairman, Vodafone Idea, said in a statement, “We enter FY 2022 with a renewed focus on pursuing our strategy of prioritizing our customers. He added that the company is in positive discussions with potential investors to raise funds to achieve its strategic intent.
Know share price
For some time, the shares of Voda Idea have also registered a significant rise. By the way, after the results came out, today its shares are seeing a decline. At 12 o’clock in the afternoon, this stock was trading at the level of Rs 9.20 with a fall of about 8 percent. The 52-week high is Rs 13.80 and the low is Rs 7. At present, the market cap of the company is Rs 26,436 crore.
mutual fund reduced stake
Promoter’s stake in this company is 72.05 percent. The public has 22.28 percent shares. FII holds 4.60 per cent and DII holds 1.07 per cent. There has been no change in promoter’s stake in this quarter. The mutual fund has reduced the stake from 0.96 per cent to 0.58 per cent. The number of mutual fund investors has come down from 24 to 15.
rating agency advice
Rating agency Goldman Sachs has given a sell advice in its stock. He has kept the target price at Rs. CLSA has also described this stock as an under performer and has given a target price of Rs 10.
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