Vodafone Idea shares climb nearly 3% after earnings announcement

New Delhi: Shares of Vodafone Idea climbed nearly 3 per cent on Friday after the company said its consolidated loss narrowed to Rs 6,418.9 crore in the quarter ended March 31, 2023.

The stock gained 2.71 per cent to Rs 7.18 on the BSE after a positive beginning.

At the NSE, it climbed 2.85 per cent to Rs 7.20.

The company had recorded a loss of Rs 6,563.1 crore in the same period a year ago, the firm said on Thursday.

Revenue from operations increased about 3 per cent to Rs 10,531.9 crore during the quarter from Rs 10,239.5 crore in the year-ago period.

VIL recorded the first ever annual growth in revenue from operations post merger. The company's consolidated revenue from operations grew 9.5 per cent to Rs 42,177.2 crore from Rs 38,515.5 crore a year ago.

"We continue to see growth in ARPU (average revenue per user) and 4G subscribers," Vodafone Idea CEO Akshaya Moondra said in a statement.

The growth in the annual revenue was supported by tariff hikes, improving subscriber mix and 4G subscriber additions, the company said.