Vodafone Idea upsets Street with flat Q3 revenue, UBS adds ‘sell’ tag on stock

Analysts at UBS have shared a ‘sell’ call on the counter, eyeing commentary on fundraising exercise

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Beleaguered telecom major Vodafone Idea has disappointed the Street with its October-December quarter (Q3FY24) results with the revenue and earnings before interest, tax, depreciation, and amortisation (EBITDA) largely falling short of expectations. Brokerage house UBS issued a ‘sell’ call on the counter, eyeing commentary on fundraising exercise.

On January 30, Vodafone Idea shares were flat at Rs 14.7 per share. The stock has slipped over 8 percent in the past one month, against 0.4 percent fall in benchmark index Sensex.

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Analysts at UBS shared a ‘sell’ rating for Vodafone Idea, with a target price of Rs 11.5 per share (from last close of Rs 14.7), saying that the Q3 financials did not meet their expectations. “Q3 revenue came in flat quarter-on-quarter (QoQ), 2.5 percent below our estimates, while Ebitda was up 1.6 percent QoQ, again 3.8 percent below expectations,” the brokerage firm said in a post-results review note.

The company’s net losses, however, were in-line with the expectations, aided by exceptional gains, analysts said.

Vodafone Idea’s net loss narrowed to Rs 6,985 crore in Q3FY24 from Rs 7,990 crore a year ago. Revenue, on the other hand, was flat at Rs 10,673 crore.

Also read: India sees biggest FII outflows in January among Asian markets

Apart from that, the telecom operator’s blended average revenue per user (ARPU) improved to Rs 145 in the quarter compared to Rs 135 in the previous year. Total data subscribers, meanwhile, increased to 13.74 crore from 13.53 crore in the corresponding quarter of the previous year.

In the December-ended quarter, foreign institutional investors (FIIs) trimmed their stake on Vi to 2.27 percent from 2.46 percent in the previous quarter. Mutual funds, however, upped their stake to 2.9 percent in December 2023 from 1.67 percent in the previous quarter.

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