Vodafone Idea claims of paying all licence fees dues for Q1 of FY21

“VIL has paid its license fee dues for first quarter 2021-22,” a VIL spokesperson said in response to an email query by PTI.

Vodafone Idea refuted reports claiming that the company fell short of Rs 150 crores short on payment of license fee dues for Q1 of FY 2021-22. 

“VIL has paid its license fee dues for first quarter 2021-22,” a VIL spokesperson said in response to an email query by PTI. The statement did not give out further details. The report was first published in the Times of India. 

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The company’s share rose by 18% on Wednesday closing at Rs. 6.35 apiece.

On August 14 the company had reported a loss of Rs 7,319.1 crore for Q1FY 2021-22. It also reported total debt of Rs 1.91 lakh crore. Its revenue declined by 4.7% quarter on quarter (QoQ) to Rs. 91.5 billion because of a slowdown in economic activities due to lockdown/restrictions in several districts during the severe second wave of COVID-19. 

According to MoneyControl, VIL has a target to achieve Rs 4,000 crore of annualized cost savings by the end of this calendar year and claims to have achieved about 70 percent of the targeted annualized savings on a run-rate basis by the end of the reported quarter.

Amid the existential crisis, Aditya Birla group’s Chairman Kumar Mangalam Birla stepped down the post. In June, the chairman had sent a letter to the Cabinet secretary offering the group’s stake in VIL to the government.