India’s third-largest telecom company Vodafone Idea has reported a net loss of Rs 73,878 crore in the financial year ended March 2020. The company said on Wednesday that according to the directions of the Supreme Court, after making the provision of statutory arrears, this loss has occurred. According to the instructions of the Supreme Court, after making the provision of statutory arrears, this is the biggest annual loss to any Indian company.
According to the court, non-telecom income will also be included in the calculation of statutory dues, after which the company has to pay Rs 51,400 crore. The company said that due to this liability serious doubts arose about the continuation of the company’s work. Vodafone Idea (VIL) told the stock market that its net loss was Rs 11,643.5 crore during the March quarter, compared to Rs 4,881.9 crore during the same quarter a year ago and Rs 6,438.8 crore in the October-December 2019 quarter.
In its statement, the company said that the income from operations stood at Rs 11,754.2 crore during the quarter of March 2020. The company incurred a loss of Rs 73,878.1 crore during the last financial year. Vodafone Idea had a loss of Rs 14,603.9 crore during the financial year 2018-19. Shares fell nearly 5% on Wednesday after Vodafone Idea Company reported a net loss of Rs 73,878 crore for the financial year ended March 2020. The stock fell below 5% on both BSE and NSE.
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