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AGR判决将对Vodafone Idea构成严峻挑战;分析师:电信公司可能会将资费提高20-30卢比
沃达丰Idea迄今已支付785.4亿卢比。不过，该公司表示，如果被要求一次性偿还贷款，它将被迫关门。
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Airtel又在7个州提高最低充值费率
周二，Airtel停止了在安得拉邦、比哈尔邦、惠普邦、拉贾斯坦邦、东北邦、卡纳塔克邦和北方邦的最低充值计划，有效地将这些邦的基本费率提高了57%。
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建议的付款方式会增加政府的负担行业这个国家的债务水平已经很高。分析师表示，这也将对现金流造成压力，并为网络资本支出和扩张留下有限的空间，特别是对相对较弱的参与者来说，这种相对较短的支付时间框架对现金流造成了额外的压力，需要大幅提高ARPU，并可能对行业结构产生影响。
KS Legal and Associates执行合伙人Sonam Chandwani表示:“10年的还款期限，将对负债累累的沃达丰Idea构成严峻挑战。顶点法院对AGR会费的裁决
最高法院周二批准电信公司向电信部门偿还调整后的总收入(AGR)相关费用的期限为10年。最高法院还要求电信公司在2031年3月31日之前支付各自AGR会费的10%，这对现金短缺的电信公司沃达丰Idea造成了沉重打击，其股价在法院判决后下跌了20%。
电信公司还必须在每年2月7日支付分期付款，以赶上3月31日的最后期限。最高法院法官要求董事总经理和电信公司的董事长提交宣誓书，保持现有的银行担保，并确保每年分期付款，否则将启动藐视法庭诉讼。
沃达丰Idea迄今已支付785.4亿卢比。不过，该公司说，如果被要求一次性偿还贷款，它将被迫关门。
然而，Chandwani表达了她对沃达丰Idea寻求的时间表的担忧，她说:“……大多数金融机构可能不会向沃达丰Idea提供大量贷款，这使得沃达丰Idea无法在规定的时间内实现收入目标。”
沃达丰Idea的AGR会费为5044亿卢比，Bharti Airtel的AGR会费近2.6万卢比，他们寻求15年的还款期限。
ICRA负责企业评级的助理副总裁Ankit Jain表示:“拟议的支付模式增加了本已负债累累的行业的负担。这也将对现金流造成压力，为网络资本支出和扩张留下有限的空间，尤其是对相对较弱的参与者而言。”
贾恩补充说:“假设这些付款条款在支付的余额上得到实施，电信公司将不得不在2021年3月31日之前支付900亿卢比作为预付款，然后从2022年2月到2031年2月，以8%的利率分期支付10年约1200亿卢比。”
ICRA公司评级副总裁兼部门主管Anupama Arora表示，10年期AGR会费的支付
在一定程度上抑制了拍卖付款的缓解，并可能严重影响实力较弱的电信运营商的资产负债表，特别是当两年的暂停期结束，拍卖付款将于2023财年开始时。
阿ora补充说:“从2023财年开始，该行业每年的拍卖付款将达到3200亿卢比，加上从2022年2月开始的每年1200亿卢比的AGR会费，将使arpu大幅增加到350卢比以上，并有可能对行业结构产生长期影响。”
由于资本支出要求持续高企，该行业一直背负着较高的债务水平。根据ICRA的估计，截至2019年3月31日的债务为5.0万亿卢比，在私营运营商在2020财年采取一系列去杠杆措施后，截至2020年3月31日，债务下降至4.4万亿卢比。此外，尽管现金流有所改善，资本支出强度有所缓和，但由于AGR会费的增加，截至2021年3月31日，债务预计将进一步增加至46万亿卢比。
CRISIL评级公司董事尼特什·贾恩(Nitesh Jain)表示，电信公司预计将提高关税，以收回额外的债务。“我们的分析表明，受影响的电信公司需要每月提高20-30卢比的资费，以支付AGR费用。”
AGR负债将对电信公司的信用状况造成压力。对债务指标的影响将取决于关税上调的程度。此外，赞助商的支持对于实力较弱的电信公司维持运营至关重要。
这些指示所附带的各种条件必须遵守，否则将导致藐视最高法院的指示。J Sagar Associates合伙人akshatjain表示:“每个运营商都必须评估他们的可用流动性，以继续运营，同时遵守AGR会费的支付方向。”
Jain进一步表示，从破产运营商中恢复将取决于NCLT是否可以在IBC下出售频谱的决定。
Motilal Oswal金融服务公司经纪和分销首席股票策略师Hemang Jani表示，该判决对Bharti Airtel、Reliance Industries Limited (RIL)来说是一个积极的消息，因为Aircel(1400亿卢比)和Videocon(130亿卢比)的责任不会落在Airtel身上，同样RCom的3100亿卢比付款也不会落在已经收购频谱的Jio身上。
“假设利率为8%，Bharti和Vodafone Idea现在每年必须分别支付390亿卢比和750亿卢比。在零利率的情况下，这将分别减少到260亿卢比和500亿卢比。”“预计Bharti能够在20财年以1000亿卢比的FCF管理支付，而不增加关税，而VIL的EBITDA为60卢比。每年2500亿卢比的支付将很难管理。”
CRISIL Ratings高级总监萨钦·古普塔(Sachin Gupta)表示，该判决为AGR问题提供了急需的清晰度。这对短期而言是积极的，因为10年分期付款带来了现金流喘息。然而，负债仍然很大，因此它将对受影响的电信公司的资产负债表造成压力。
“大多数电信公司已经支付了超过总负债10%的AGR会费。如果考虑到这一点，这将意味着在2022年2月之前(即18个月的时间框架)没有增量现金流出，”Gupta说。
![\"AGR](\"https:\/\/st.etb2bimg.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
<\/figure>NEW DELHI: The Supreme Court's order for telcos to clear outstanding AGR dues in a 10-year time-frame will pose as a grave challenge for the debt-ridden Vodafone Idea<\/a> and may also force telcos to hike tariff by Rs 20-30 per month to recover the additional liabilities, analysts said after the verdict.The proposed payment pattern will add to the burden of the industry<\/a> which was already saddled with elevated debt levels. This will also exert pressure on the cash-flows and leaves limited room for network capex and expansion, especially for the relatively weaker player, analysts said, adding this relatively shorter payment timeframe exerts additional pressure on the cash flows and necessitates sizeable ARPU increase and can have an impact on the industry structure.
\u201cThe 10-year repayment tenure, it would pose as a grave challenge for the debt-ridden Vodafone Idea,\u201d said Sonam Chandwani, Managing Partner, KS Legal and Associates while responding to the apex court<\/a>\u2019s verdict on AGR dues today.
<\/div><\/div>\u201cWith staggering liquidity stress, a shorter repayment timeline is a big setback for Vodafone Idea making a capital investment in license fees and spectrum usage a primary concern. Further, repayment of such expenditure would require higher tariffs, cost savings, and an equity capital infusion,\u201d said Chandwani.
The Supreme Court on Tuesday granted a time period of 10-years for telcos to repay the adjusted gross revenue (AGR)-related dues to the telecom department (DoT). The apex court has also asked the telcos to pay 10% of their respective AGR dues by 31 March 2031 which dealt a strong blow to the cash-strapped telco Vodafone Idea, whose shares fell by 20% after the court verdict.
Telcos also have to pay the installments on 7 February annually to meet the 31 March deadline. The Supreme Court bench has asked MDs and chairmen of telcos to submit affidavits, existing bank guarantees to be kept alive and ensure that annual installments are paid, failing which contempt proceedings will begin.
Vodafone Idea so far has paid Rs 7,854 crore. However, it said it will be \u2018forced to shut shop\u2019 in case it is asked to make the repayment in one go.\u2019
Chandwani, however, expressed her apprehension regarding the timeline sought by Vodafone Idea and said \u201c..most financial institutions are likely to refrain from lending large amounts of money to Vodafone Idea, making Vodafone Idea revenue targets unattainable within the stipulated timeline.\"
The Supreme Court on Tuesday granted a time period of 10-years for telcos to repay the adjusted gross revenue (AGR)-related dues to the telecom department (DoT). The apex court has also asked the telcos to pay 10% of their respective AGR dues by 31 March 2031 which dealt a strong blow to the cash-strapped telco Vodafone Idea, whose shares fell by 20% after the court verdict.
Telcos also have to pay the installments on 7 February annually to meet the 31 March deadline. The Supreme Court bench has asked MDs and chairmen of telcos to submit affidavits, existing bank guarantees to be kept alive and ensure that annual installments are paid, failing which contempt proceedings will begin.
Vodafone Idea so far has paid Rs 7,854 crore. However, it said it will be \u2018forced to shut shop\u2019 in case it is asked to make the repayment in one go.\u2019
Chandwani, however, expressed her apprehension regarding the timeline sought by Vodafone Idea and said \u201c..most financial institutions are likely to refrain from lending large amounts of money to Vodafone Idea, making Vodafone Idea revenue targets unattainable within the stipulated timeline.\"
<\/div><\/div>The cash-strapped telco, according to her, is likely to raise funds through the sale of equity to maintain the repayment timeline.
Vodafone Idea, which has AGR dues to the tune of Rs 50,440 crore, and Bharti Airtel, having AGR dues of almost Rs 26,000 have sought a timeline of 15 years for the repayment.
Ankit Jain, Assistant Vice President, Corporate Ratings, ICRA, said, \u201cThe proposed payment pattern adds to the burden of the industry which was already saddled with elevated debt levels. This will also exert pressure on the cash-flows and leaves limited room for network capex and expansion, especially for the relatively weaker player.\"
\"Assuming these payment terms are implemented on the balance amount to be paid, the telcos will have to shell out an amount of Rs. 9,000 crore by March 31, 2021 as upfront payment, followed by 10-annual instalments of around Rs. 12,000 crore at 8% rate of interest starting February 2022 till February 2031,\" Jain added.
Anupama Arora, Vice President and Sector Head, Corporate Ratings, ICRA said that the 10-year payment for the AGR dues
dampens the relief on auction payments to some extent and is likely to weigh heavily on the balance sheet of the weaker telecom operator, especially when the two-year moratorium gets over and auction payments start in FY2023.
\"The annual instalments for the auction payments are to the tune of Rs. 32,000 crore for the industry starting FY2023, which along with Rs. 12,000 crore annual instalment for the AGR dues starting February 2022 will necessitate substantial increase in the ARPUs to more than Rs. 350 and has the potential to have a longstanding impact on the industry structure,\" Arora added.
The industry has been saddled with elevated debt levels amid consistently high capex requirements. As per ICRA estimates, the debt as on March 31, 2019 stood at Rs. 5.0 lakh crore, which witnessed a decline to Rs. 4.4 lakh crore as on March 31, 2020 following the series of deleveraging measures undertook by private operators during FY2020. Moreover, despite the improvement in cash flow and moderation in capex intensity, the debt is further expected to increase to Rs. 4.6 lakh crore as on March 31, 2021 owing to addition of AGR dues.
Nitesh Jain, Director, CRISIL Ratings said that telcos are expected to hike tariff to recover the additional liabilities. \"Our analysis indicates the affected telcos need to hike their tariffs by Rs 20-30 per month to cover for the AGR dues alone.\"
The AGR liabilities will weigh on the credit profiles of telcos. The impact on debt metrics will be a function of the extent of tariff hikes. Additionally, sponsor support will be crucial for weak telcos to sustain operations.
Read also<\/h3>
Vodafone Idea, which has AGR dues to the tune of Rs 50,440 crore, and Bharti Airtel, having AGR dues of almost Rs 26,000 have sought a timeline of 15 years for the repayment.
Ankit Jain, Assistant Vice President, Corporate Ratings, ICRA, said, \u201cThe proposed payment pattern adds to the burden of the industry which was already saddled with elevated debt levels. This will also exert pressure on the cash-flows and leaves limited room for network capex and expansion, especially for the relatively weaker player.\"
\"Assuming these payment terms are implemented on the balance amount to be paid, the telcos will have to shell out an amount of Rs. 9,000 crore by March 31, 2021 as upfront payment, followed by 10-annual instalments of around Rs. 12,000 crore at 8% rate of interest starting February 2022 till February 2031,\" Jain added.
Anupama Arora, Vice President and Sector Head, Corporate Ratings, ICRA said that the 10-year payment for the AGR dues
dampens the relief on auction payments to some extent and is likely to weigh heavily on the balance sheet of the weaker telecom operator, especially when the two-year moratorium gets over and auction payments start in FY2023.
\"The annual instalments for the auction payments are to the tune of Rs. 32,000 crore for the industry starting FY2023, which along with Rs. 12,000 crore annual instalment for the AGR dues starting February 2022 will necessitate substantial increase in the ARPUs to more than Rs. 350 and has the potential to have a longstanding impact on the industry structure,\" Arora added.
The industry has been saddled with elevated debt levels amid consistently high capex requirements. As per ICRA estimates, the debt as on March 31, 2019 stood at Rs. 5.0 lakh crore, which witnessed a decline to Rs. 4.4 lakh crore as on March 31, 2020 following the series of deleveraging measures undertook by private operators during FY2020. Moreover, despite the improvement in cash flow and moderation in capex intensity, the debt is further expected to increase to Rs. 4.6 lakh crore as on March 31, 2021 owing to addition of AGR dues.
Nitesh Jain, Director, CRISIL Ratings said that telcos are expected to hike tariff to recover the additional liabilities. \"Our analysis indicates the affected telcos need to hike their tariffs by Rs 20-30 per month to cover for the AGR dues alone.\"
The AGR liabilities will weigh on the credit profiles of telcos. The impact on debt metrics will be a function of the extent of tariff hikes. Additionally, sponsor support will be crucial for weak telcos to sustain operations.
Read also<\/h3><\/a><\/div>Blow to Vodafone Idea: Supreme Court orders telcos to clear outstanding AGR dues in 10 years<\/h4><\/a><\/div><\/a><\/div>Indus-Infratel to go ahead with merger; Vodafone Idea to sell 11.15% Indus stake for Rs 4,000 crore<\/h4><\/a><\/div><\/div>
The various conditions accompanying such directions will have to be complied with failing which would lead to contempt of the top court\u2019s directions. Each operator will have to evaluate their available liquidity to continue operations while complying with the direction for payment of AGR dues,\" Akshat Jain, Partner, J Sagar Associates said.
Jain further said that the recovery from bankrupt operators would depend on NCLT\u2019s decision of whether the spectrum could be sold under IBC.
Hemang Jani, Head Equity Strategist, Broking & Distribution, Motilal Oswal Financial Services said that the verdict is a positive for Bharti Airtel, Reliance Industries Limited (RIL), as liability of Aircel (Rs 140 billion) and Videocon (Rs 13 billion) will not fall on Airtel and similarly RCom's Rs 310 billion payment will not fall on Jio which has acquired the spectrum.
\"Assuming 8% interest rate, Bharti and Vodafone Idea will now have to pay annually Rs 39 billion and Rs 75 billion respectively. With zero percent interest rate, this reduces to Rs 26 billion\/Rs 50 billion respectively,\" Jani said. \"Expect Bharti to be able to manage the payment with a FCF of >Rs 100 billion in FY20 with no tariff hike built, while VIL with EBITDA of Rs 60. billion and annual payment of >Rs 250 billion should find it difficult to manage.\"
Sachin Gupta, Senior Director, CRISIL Ratings said that the verdict provides much-needed clarity on the AGR issue. It is positive for the near-term because of the cash-flow respite afforded with payments staggered across 10 years. However, the liability remains sizeable so it will put pressure on the balance sheets of the affected telcos.
\"Most telcos have already paid their AGR dues in excess of 10% of their total liability. If that is considered, it would mean no incremental cash outflows till February 2022 (i.e., the timeframe of 18 months),\" Gupta said.
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We will wait to see final guidelines that will be issued by the government.\u201d","seolocation":"telecomnews\/vodafone-idea-management-working-out-a-new-business-plan-govt-package-to-offer-short-term-financial-relief-himanshu-kapania","seolocationalt":"Vodafone Idea management working out a new business plan; govt package to offer short term financial relief: Himanshu Kapania","url_seo":"vodafone-idea-management-working-out-a-new-business-plan-govt-package-to-offer-short-term-financial-relief-himanshu-kapania"},{"msid":"86250249","stname":"AGR, spectrum moratorium to help Vodafone Idea defer Rs 96,000-crore payouts, avoid bankruptcy: Analysts","artsyn":"They, though, cautioned that despite the four-year deferment of statutory payouts, the financial challenges of the telecom JV between UK\u2019s Vodafone Plc and India\u2019s Aditya Birla Group, are not over as accrued interest during the four-year moratorium span would further add to the telco\u2019s huge Rs 1.9-lakh crore debt.","seolocation":"telecomnews\/agr-spectrum-moratorium-to-help-vodafone-idea-defer-rs-96000-crore-payouts-avoid-bankruptcy-analysts","seolocationalt":"AGR, spectrum moratorium to help Vodafone Idea defer Rs 96,000-crore payouts, avoid bankruptcy: Analysts","url_seo":"agr-spectrum-moratorium-to-help-vodafone-idea-defer-rs-96000-crore-payouts-avoid-bankruptcy-analysts"},{"msid":"85396889","stname":"'Vodafone Idea needs to urgently hike prepaid smartphone rates to boost cash generation'","artsyn":"Loss-making Vi recently made its entry-level plan for prepaid users 61% costlier at Rs 79 in 14 markets and is set to implement this nationwide. It has also hiked the base postpaid rate for corporate users to Rs 299.","seolocation":"telecomnews\/vodafone-idea-needs-to-urgently-hike-prepaid-smartphone-rates-to-boost-cash-generation","seolocationalt":"'Vodafone Idea needs to urgently hike prepaid smartphone rates to boost cash generation'","url_seo":"vodafone-idea-needs-to-urgently-hike-prepaid-smartphone-rates-to-boost-cash-generation"},{"msid":"85272340","stname":"Vodafone Idea to SC: 'Travesty of justice' if correction of errors in AGR calculation not allowed","artsyn":"Vi's review petition was filed within weeks of SC rejecting its earlier appeal to look into alleged arithmetical errors made by the DoT, thus confirming the AGR dues at Rs 58,254 crore, of which it has paid Rs 7,854 crore.","seolocation":"telecomnews\/vodafone-idea-to-sc-travesty-of-justice-if-correction-of-errors-in-agr-calculation-not-allowed","seolocationalt":"Vodafone Idea to SC: 'Travesty of justice' if correction of errors in AGR calculation not allowed","url_seo":"vodafone-idea-to-sc-travesty-of-justice-if-correction-of-errors-in-agr-calculation-not-allowed"},{"msid":"85241645","stname":"Airtel can gain 62% on Vodafone Idea's woes, says Credit Suisse","artsyn":"Credit Suisse has a target price of Rs 775 on Bharti Airtel and a target of Rs 2,020 on Reliance Industries. On Vodafone Idea, Credit Suisse has a discounted cash flow-based target of Rs 6 and on Indus Towers, the brokerage has a target price of Rs 180.","seolocation":"telecomnews\/vodafone-ideas-position-may-be-tough-even-post-relief-measures-needs-meaningful-capital-infusion-report","seolocationalt":"Airtel can gain 62% on Vodafone Idea's woes, says Credit Suisse","url_seo":"vodafone-ideas-position-may-be-tough-even-post-relief-measures-needs-meaningful-capital-infusion-report"},{"msid":"85179994","stname":"Govt will find solution to issue of telecom dues, says revenue secy Tarun Bajaj: CNBC TV-18","artsyn":"The Supreme Court on July 23 rejected Bharti Airtel, Vodafone Idea, and Tata Teleservices\u2019 plea seeking recomputation of the AGR-related dues.","seolocation":"telecomnews\/govt-will-find-solution-to-issue-of-telecom-dues-says-revenue-secy-tarun-bajaj-cnbc-tv-18","seolocationalt":"Govt will find solution to issue of telecom dues, says revenue secy Tarun Bajaj: CNBC TV-18","url_seo":"govt-will-find-solution-to-issue-of-telecom-dues-says-revenue-secy-tarun-bajaj-cnbc-tv-18"},{"msid":"85031763","stname":"BSNL employee groups bat for 4G network synergy with Vodafone Idea","artsyn":"BSNL has a liability of about Rs 22,000 crores while the Centre has recently offered a sovereign guarantee of Rs 8,500 crore to ease debt burden.","seolocation":"telecomnews\/bsnl-employee-groups-bat-for-4g-network-synergy-with-vodafone-idea","seolocationalt":"BSNL employee groups bat for 4G network synergy with Vodafone Idea","url_seo":"bsnl-employee-groups-bat-for-4g-network-synergy-with-vodafone-idea"},{"msid":"84780380","stname":"Vodafone Idea may file review petition to lower AGR dues","artsyn":"\u201cVi is expected to move SC again with their review petition,\u201d a person aware of the developments told ET. \u201cIf the appeal gets rejected, then the telco still has the option of a curative petition.\u201d","seolocation":"telecomnews\/vodafone-idea-may-file-review-petition-to-lower-agr-dues","seolocationalt":"Vodafone Idea may file review petition to lower AGR dues","url_seo":"vodafone-idea-may-file-review-petition-to-lower-agr-dues"},{"msid":"84698249","stname":"Telecom Diary: Vodafone Idea woes, Airtel\u2019s bold move to hike tariffs & Jio\u2019s stellar results","artsyn":"Any delay in tariff hikes or fund raise by Vi could accelerate its market share loss making Airtel one of the beneficiaries.","seolocation":"telecomnews\/telecom-diary-vodafone-idea-woes-airtels-bold-move-to-hike-tariffs-jios-stellar-results","seolocationalt":"Telecom Diary: Vodafone Idea woes, Airtel\u2019s bold move to hike tariffs & Jio\u2019s stellar results","url_seo":"telecom-diary-vodafone-idea-woes-airtels-bold-move-to-hike-tariffs-jios-stellar-results"},{"msid":"84697770","stname":"As payments loom, survival of Vodafone Idea at risk: DoT officials","artsyn":"The company had written a letter to DoT secretary Anshu Prakash on June 25 requesting another year \u2014 till April 2023 \u2014 to pay its dues of Rs8,292 crore over spectrum purchased in auctions.","seolocation":"telecomnews\/as-payments-loom-survival-of-vodafone-idea-at-risk-dot-officials","seolocationalt":"As payments loom, survival of Vodafone Idea at risk: DoT officials","url_seo":"as-payments-loom-survival-of-vodafone-idea-at-risk-dot-officials"},{"msid":"84697727","stname":"Lenders a worried lot, look to recast Vodafone Idea exposure","artsyn":"Lenders are also now looking at steps to restructure their terms with Vi, which includes accelerated provisions on loans to the cash-strapped company as its future is uncertain, said another official.","seolocation":"telecomnews\/lenders-a-worried-lot-look-to-recast-vodafone-idea-exposure","seolocationalt":"Lenders a worried lot, look to recast Vodafone Idea exposure","url_seo":"lenders-a-worried-lot-look-to-recast-vodafone-idea-exposure"},{"msid":"84697674","stname":"Vodafone Idea may not survive without relief from government: Analysts","artsyn":"Given its inability to push through a significant tariff hike in a fiercely competitive telecom market, the cash-strapped telco may find it tough to survive beyond next April without a major relief package from the government, they said.","seolocation":"telecomnews\/vodafone-idea-may-not-survive-without-relief-from-government-analysts","seolocationalt":"Vodafone Idea may not survive without relief from government: Analysts","url_seo":"vodafone-idea-may-not-survive-without-relief-from-government-analysts"},{"msid":"84675585","stname":"There are other ways ahead, says Supreme Court advocate after fresh AGR development","artsyn":"\"There is the possibility of moving the government because the invoice itself stated that this is subject to revisions, subject to audits, subject to reassessment, this is what the Department of Telecommunications itself submitted. So, there are recourses available, we will have to find and figure a way out,\" says Agarwal","seolocation":"telecomnews\/there-are-other-ways-ahead-says-supreme-court-advocate-after-fresh-agr-development","seolocationalt":"There are other ways ahead, says Supreme Court advocate after fresh AGR development","url_seo":"there-are-other-ways-ahead-says-supreme-court-advocate-after-fresh-agr-development"},{"msid":"84675377","stname":"AGR case: Telcos' plea rejection does not bode well for sector recovery, says Icra","artsyn":"The Supreme Court has dismissed the applications filed by telecom majors, including Vodafone Idea and Bharti Airtel, seeking rectification of the alleged errors in the calculation of adjusted gross revenue (AGR) related dues payable by them.","seolocation":"telecomnews\/agr-case-telcos-plea-rejection-does-not-bode-well-for-sector-recovery-says-icra","seolocationalt":"AGR case: Telcos' plea rejection does not bode well for sector recovery, says Icra","url_seo":"agr-case-telcos-plea-rejection-does-not-bode-well-for-sector-recovery-says-icra"},{"msid":"84649362","stname":"SC to rule on AGR calculation case on Friday","artsyn":"The bench will rule on separate pleas filed in January by Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a modification of the top court\u2019s September 20, 2020 order that declared DoT\u2019s AGR calculations as final.\u200b","seolocation":"telecomnews\/sc-to-rule-on-agr-calculation-case-on-friday","seolocationalt":"SC to rule on AGR calculation case on Friday","url_seo":"sc-to-rule-on-agr-calculation-case-on-friday"}],"primeid":0,"storytags":{"categoryTag":{"sectionid":"49830939","sectionname":"TelecomNews","seolocation":"telecomnews","seolocationalt":"telecomnews"},"otherTags":[{"keyid":"8324093","value":"vodafone idea agr","smid":"0","keynameseo":"vodafone-idea-agr","keytype":"","keycount":"totalcount","weightage":"100"},{"keyid":"1553175","value":"Vodafone 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payments.","seolocation":"telecomnews\/vodafone-idea-accepts-4-year-payment-moratorium","seolocationalt":"Vodafone Idea accepts 4-year spectrum payment moratorium","url_seo":"vodafone-idea-accepts-4-year-payment-moratorium"},"86612902":{"msid":"86612902","stname":"Vodafone Idea management working out a new business plan; govt package to offer short term financial relief: Himanshu Kapania","artsyn":"Kapania said that the relief package \u201cis one the key big factors\u201d that is going to influence the company as well as the sector, especially the liquidity it is offering. \u201cThe impact of the package will be seen on the sector and VIL . We will wait to see final guidelines that will be issued by the government.\u201d","seolocation":"telecomnews\/vodafone-idea-management-working-out-a-new-business-plan-govt-package-to-offer-short-term-financial-relief-himanshu-kapania","seolocationalt":"Vodafone Idea management working out a new business plan; govt package to offer short term financial relief: Himanshu Kapania","url_seo":"vodafone-idea-management-working-out-a-new-business-plan-govt-package-to-offer-short-term-financial-relief-himanshu-kapania"},"86250249":{"msid":"86250249","stname":"AGR, spectrum moratorium to help Vodafone Idea defer Rs 96,000-crore payouts, avoid bankruptcy: Analysts","artsyn":"They, though, cautioned that despite the four-year deferment of statutory payouts, the financial challenges of the telecom JV between UK\u2019s Vodafone Plc and India\u2019s Aditya Birla Group, are not over as accrued interest during the four-year moratorium span would further add to the telco\u2019s huge Rs 1.9-lakh crore debt.","seolocation":"telecomnews\/agr-spectrum-moratorium-to-help-vodafone-idea-defer-rs-96000-crore-payouts-avoid-bankruptcy-analysts","seolocationalt":"AGR, spectrum moratorium to help Vodafone Idea defer Rs 96,000-crore payouts, avoid bankruptcy: Analysts","url_seo":"agr-spectrum-moratorium-to-help-vodafone-idea-defer-rs-96000-crore-payouts-avoid-bankruptcy-analysts"},"85396889":{"msid":"85396889","stname":"'Vodafone Idea needs to urgently hike prepaid smartphone rates to boost cash generation'","artsyn":"Loss-making Vi recently made its entry-level plan for prepaid users 61% costlier at Rs 79 in 14 markets and is set to implement this nationwide. It has also hiked the base postpaid rate for corporate users to Rs 299.","seolocation":"telecomnews\/vodafone-idea-needs-to-urgently-hike-prepaid-smartphone-rates-to-boost-cash-generation","seolocationalt":"'Vodafone Idea needs to urgently hike prepaid smartphone rates to boost cash generation'","url_seo":"vodafone-idea-needs-to-urgently-hike-prepaid-smartphone-rates-to-boost-cash-generation"},"85272340":{"msid":"85272340","stname":"Vodafone Idea to SC: 'Travesty of justice' if correction of errors in AGR calculation not allowed","artsyn":"Vi's review petition was filed within weeks of SC rejecting its earlier appeal to look into alleged arithmetical errors made by the DoT, thus confirming the AGR dues at Rs 58,254 crore, of which it has paid Rs 7,854 crore.","seolocation":"telecomnews\/vodafone-idea-to-sc-travesty-of-justice-if-correction-of-errors-in-agr-calculation-not-allowed","seolocationalt":"Vodafone Idea to SC: 'Travesty of justice' if correction of errors in AGR calculation not allowed","url_seo":"vodafone-idea-to-sc-travesty-of-justice-if-correction-of-errors-in-agr-calculation-not-allowed"},"85241645":{"msid":"85241645","stname":"Airtel can gain 62% on Vodafone Idea's woes, says Credit Suisse","artsyn":"Credit Suisse has a target price of Rs 775 on Bharti Airtel and a target of Rs 2,020 on Reliance Industries. On Vodafone Idea, Credit Suisse has a discounted cash flow-based target of Rs 6 and on Indus Towers, the brokerage has a target price of Rs 180.","seolocation":"telecomnews\/vodafone-ideas-position-may-be-tough-even-post-relief-measures-needs-meaningful-capital-infusion-report","seolocationalt":"Airtel can gain 62% on Vodafone Idea's woes, says Credit Suisse","url_seo":"vodafone-ideas-position-may-be-tough-even-post-relief-measures-needs-meaningful-capital-infusion-report"},"85179994":{"msid":"85179994","stname":"Govt will find solution to issue of telecom dues, says revenue secy Tarun Bajaj: CNBC TV-18","artsyn":"The Supreme Court on July 23 rejected Bharti Airtel, Vodafone Idea, and Tata Teleservices\u2019 plea seeking recomputation of the AGR-related dues.","seolocation":"telecomnews\/govt-will-find-solution-to-issue-of-telecom-dues-says-revenue-secy-tarun-bajaj-cnbc-tv-18","seolocationalt":"Govt will find solution to issue of telecom dues, says revenue secy Tarun Bajaj: CNBC TV-18","url_seo":"govt-will-find-solution-to-issue-of-telecom-dues-says-revenue-secy-tarun-bajaj-cnbc-tv-18"},"85031763":{"msid":"85031763","stname":"BSNL employee groups bat for 4G network synergy with Vodafone Idea","artsyn":"BSNL has a liability of about Rs 22,000 crores while the Centre has recently offered a sovereign guarantee of Rs 8,500 crore to ease debt burden.","seolocation":"telecomnews\/bsnl-employee-groups-bat-for-4g-network-synergy-with-vodafone-idea","seolocationalt":"BSNL employee groups bat for 4G network synergy with Vodafone Idea","url_seo":"bsnl-employee-groups-bat-for-4g-network-synergy-with-vodafone-idea"},"84780380":{"msid":"84780380","stname":"Vodafone Idea may file review petition to lower AGR dues","artsyn":"\u201cVi is expected to move SC again with their review petition,\u201d a person aware of the developments told ET. \u201cIf the appeal gets rejected, then the telco still has the option of a curative petition.\u201d","seolocation":"telecomnews\/vodafone-idea-may-file-review-petition-to-lower-agr-dues","seolocationalt":"Vodafone Idea may file review petition to lower AGR dues","url_seo":"vodafone-idea-may-file-review-petition-to-lower-agr-dues"},"84698249":{"msid":"84698249","stname":"Telecom Diary: Vodafone Idea woes, Airtel\u2019s bold move to hike tariffs & Jio\u2019s stellar results","artsyn":"Any delay in tariff hikes or fund raise by Vi could accelerate its market share loss making Airtel one of the beneficiaries.","seolocation":"telecomnews\/telecom-diary-vodafone-idea-woes-airtels-bold-move-to-hike-tariffs-jios-stellar-results","seolocationalt":"Telecom Diary: Vodafone Idea woes, Airtel\u2019s bold move to hike tariffs & Jio\u2019s stellar results","url_seo":"telecom-diary-vodafone-idea-woes-airtels-bold-move-to-hike-tariffs-jios-stellar-results"},"84697770":{"msid":"84697770","stname":"As payments loom, survival of Vodafone Idea at risk: DoT officials","artsyn":"The company had written a letter to DoT secretary Anshu Prakash on June 25 requesting another year \u2014 till April 2023 \u2014 to pay its dues of Rs8,292 crore over spectrum purchased in auctions.","seolocation":"telecomnews\/as-payments-loom-survival-of-vodafone-idea-at-risk-dot-officials","seolocationalt":"As payments loom, survival of Vodafone Idea at risk: DoT officials","url_seo":"as-payments-loom-survival-of-vodafone-idea-at-risk-dot-officials"},"84697727":{"msid":"84697727","stname":"Lenders a worried lot, look to recast Vodafone Idea exposure","artsyn":"Lenders are also now looking at steps to restructure their terms with Vi, which includes accelerated provisions on loans to the cash-strapped company as its future is uncertain, said another official.","seolocation":"telecomnews\/lenders-a-worried-lot-look-to-recast-vodafone-idea-exposure","seolocationalt":"Lenders a worried lot, look to recast Vodafone Idea exposure","url_seo":"lenders-a-worried-lot-look-to-recast-vodafone-idea-exposure"},"84697674":{"msid":"84697674","stname":"Vodafone Idea may not survive without relief from government: Analysts","artsyn":"Given its inability to push through a significant tariff hike in a fiercely competitive telecom market, the cash-strapped telco may find it tough to survive beyond next April without a major relief package from the government, they said.","seolocation":"telecomnews\/vodafone-idea-may-not-survive-without-relief-from-government-analysts","seolocationalt":"Vodafone Idea may not survive without relief from government: Analysts","url_seo":"vodafone-idea-may-not-survive-without-relief-from-government-analysts"},"84675585":{"msid":"84675585","stname":"There are other ways ahead, says Supreme Court advocate after fresh AGR development","artsyn":"\"There is the possibility of moving the government because the invoice itself stated that this is subject to revisions, subject to audits, subject to reassessment, this is what the Department of Telecommunications itself submitted. So, there are recourses available, we will have to find and figure a way out,\" says Agarwal","seolocation":"telecomnews\/there-are-other-ways-ahead-says-supreme-court-advocate-after-fresh-agr-development","seolocationalt":"There are other ways ahead, says Supreme Court advocate after fresh AGR development","url_seo":"there-are-other-ways-ahead-says-supreme-court-advocate-after-fresh-agr-development"},"84675377":{"msid":"84675377","stname":"AGR case: Telcos' plea rejection does not bode well for sector recovery, says Icra","artsyn":"The Supreme Court has dismissed the applications filed by telecom majors, including Vodafone Idea and Bharti Airtel, seeking rectification of the alleged errors in the calculation of adjusted gross revenue (AGR) related dues payable by them.","seolocation":"telecomnews\/agr-case-telcos-plea-rejection-does-not-bode-well-for-sector-recovery-says-icra","seolocationalt":"AGR case: Telcos' plea rejection does not bode well for sector recovery, says Icra","url_seo":"agr-case-telcos-plea-rejection-does-not-bode-well-for-sector-recovery-says-icra"},"84649362":{"msid":"84649362","stname":"SC to rule on AGR calculation case on Friday","artsyn":"The bench will rule on separate pleas filed in January by Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a modification of the top court\u2019s September 20, 2020 order that declared DoT\u2019s AGR calculations as final.\u200b","seolocation":"telecomnews\/sc-to-rule-on-agr-calculation-case-on-friday","seolocationalt":"SC to rule on AGR calculation case on Friday","url_seo":"sc-to-rule-on-agr-calculation-case-on-friday"}}}}" data-news-images="[{"msid":"77870413","msname":"Vodafone Idea","msnameseo":"vodafone-idea","mediatype":"1","artdate":"2020-08-22 19:00:00.0","caption":""}]" data-newsletter-by="0" data-newsletter-date="a" data-hasbottomcarousel="" data-alldetailsopen="0" data-multipleanalyticshit="" data-deeplink="https://ettelecom.app.link?$deeplink_path=" data-socialshareformat="default">
赞助的故事
<\/a><\/div>Blow to Vodafone Idea: Supreme Court orders telcos to clear outstanding AGR dues in 10 years<\/h4><\/a><\/div><\/a><\/div>Indus-Infratel to go ahead with merger; Vodafone Idea to sell 11.15% Indus stake for Rs 4,000 crore<\/h4><\/a><\/div><\/div>
The various conditions accompanying such directions will have to be complied with failing which would lead to contempt of the top court\u2019s directions. Each operator will have to evaluate their available liquidity to continue operations while complying with the direction for payment of AGR dues,\" Akshat Jain, Partner, J Sagar Associates said.
Jain further said that the recovery from bankrupt operators would depend on NCLT\u2019s decision of whether the spectrum could be sold under IBC.
Hemang Jani, Head Equity Strategist, Broking & Distribution, Motilal Oswal Financial Services said that the verdict is a positive for Bharti Airtel, Reliance Industries Limited (RIL), as liability of Aircel (Rs 140 billion) and Videocon (Rs 13 billion) will not fall on Airtel and similarly RCom's Rs 310 billion payment will not fall on Jio which has acquired the spectrum.
\"Assuming 8% interest rate, Bharti and Vodafone Idea will now have to pay annually Rs 39 billion and Rs 75 billion respectively. With zero percent interest rate, this reduces to Rs 26 billion\/Rs 50 billion respectively,\" Jani said. \"Expect Bharti to be able to manage the payment with a FCF of >Rs 100 billion in FY20 with no tariff hike built, while VIL with EBITDA of Rs 60. billion and annual payment of >Rs 250 billion should find it difficult to manage.\"
Sachin Gupta, Senior Director, CRISIL Ratings said that the verdict provides much-needed clarity on the AGR issue. It is positive for the near-term because of the cash-flow respite afforded with payments staggered across 10 years. However, the liability remains sizeable so it will put pressure on the balance sheets of the affected telcos.
\"Most telcos have already paid their AGR dues in excess of 10% of their total liability. If that is considered, it would mean no incremental cash outflows till February 2022 (i.e., the timeframe of 18 months),\" Gupta said.
<\/div><\/div>
Follow and connect with us on Twitter<\/a>, Facebook<\/a>, Linkedin<\/a>, Youtube<\/a><\/div>","NumberOfSentences":{"minfo":"51.0","minfoseo":"51-0"},"AutomatedReadabilityIndex":{"minfo":"14.0","minfoseo":"14-0"},"LastPublishMilliTime":{"minfo":"1599109956429","minfoseo":"1599109956429"},"ReadabilityGradeLevel":{"minfo":"College","minfoseo":"college"},"GadgetsMarkedReviewed":{"minfo":"0","minfoseo":"0"},"HashCode":{"minfo":"-97892635","minfoseo":"-97892635"},"latestnewsflag":{"minfo":"1.0","minfoseo":"1-0"},"OriginalImageHeightPx":{"minfo":"900.0","minfoseo":"900-0"},"OriginalImageWidthPx":{"minfo":"1200.0","minfoseo":"1200-0"},"NumberOfCharacters":{"minfo":"7086.0","minfoseo":"7086-0"},"NumberOfWords":{"minfo":"1152.0","minfoseo":"1152-0"},"key":{"0":{"keyid":"8324093","value":"vodafone idea agr","smid":"0","keynameseo":"vodafone-idea-agr","keytype":"","keycount":"totalcount","weightage":"100"},"1":{"keyid":"1553175","value":"Vodafone Idea","smid":"0","keynameseo":"Vodafone-Idea","keytype":"","keycount":"totalcount","weightage":"20"},"2":{"keyid":"8806167","value":"Voda Idea news","smid":"0","keynameseo":"Voda-Idea-news","keytype":"","keycount":"totalcount","weightage":"20"},"3":{"keyid":"8493552","value":"voda idea agr dues","smid":"0","keynameseo":"voda-idea-agr-dues","keytype":"","keycount":"totalcount","weightage":"20"},"4":{"keyid":"34974","value":"telecom news","smid":"0","keynameseo":"telecom-news","keytype":"","keycount":"totalcount","weightage":"20"},"5":{"keyid":"8329119","value":"Supreme Court AGR verdict","smid":"0","keynameseo":"Supreme-Court-AGR-verdict","keytype":"","keycount":"totalcount","weightage":"20"},"7":{"keyid":"6356229","value":"apex court","smid":"0","keynameseo":"apex-court","keytype":"","keycount":"totalcount","weightage":"20"},"8":{"keyid":"8632857","value":"AGR News","smid":"0","keynameseo":"AGR-News","keytype":"","keycount":"totalcount","weightage":"20"},"9":{"keyid":"8814873","value":"adjusted gross revenues","smid":"0","keynameseo":"adjusted-gross-revenues","keytype":"","keycount":"totalcount","weightage":"20"}},"authorsplit":{"author":{"artau":"Danish Khan","aunameseo":"danish-khan","artauid":"479206691","artauemail":"danish.khan@timesinternet.in","auFullName":"Danish Khan","pubname":"ETTelecom","designame":"Assistant Editor - 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payments.","seolocation":"telecomnews\/vodafone-idea-accepts-4-year-payment-moratorium","seolocationalt":"Vodafone Idea accepts 4-year spectrum payment moratorium","url_seo":"vodafone-idea-accepts-4-year-payment-moratorium"},"86612902":{"msid":"86612902","stname":"Vodafone Idea management working out a new business plan; govt package to offer short term financial relief: Himanshu Kapania","artsyn":"Kapania said that the relief package \u201cis one the key big factors\u201d that is going to influence the company as well as the sector, especially the liquidity it is offering. \u201cThe impact of the package will be seen on the sector and VIL . We will wait to see final guidelines that will be issued by the government.\u201d","seolocation":"telecomnews\/vodafone-idea-management-working-out-a-new-business-plan-govt-package-to-offer-short-term-financial-relief-himanshu-kapania","seolocationalt":"Vodafone Idea management working out a new business plan; govt package to offer short term financial relief: Himanshu Kapania","url_seo":"vodafone-idea-management-working-out-a-new-business-plan-govt-package-to-offer-short-term-financial-relief-himanshu-kapania"},"86250249":{"msid":"86250249","stname":"AGR, spectrum moratorium to help Vodafone Idea defer Rs 96,000-crore payouts, avoid bankruptcy: Analysts","artsyn":"They, though, cautioned that despite the four-year deferment of statutory payouts, the financial challenges of the telecom JV between UK\u2019s Vodafone Plc and India\u2019s Aditya Birla Group, are not over as accrued interest during the four-year moratorium span would further add to the telco\u2019s huge Rs 1.9-lakh crore debt.","seolocation":"telecomnews\/agr-spectrum-moratorium-to-help-vodafone-idea-defer-rs-96000-crore-payouts-avoid-bankruptcy-analysts","seolocationalt":"AGR, spectrum moratorium to help Vodafone Idea defer Rs 96,000-crore payouts, avoid bankruptcy: Analysts","url_seo":"agr-spectrum-moratorium-to-help-vodafone-idea-defer-rs-96000-crore-payouts-avoid-bankruptcy-analysts"},"85396889":{"msid":"85396889","stname":"'Vodafone Idea needs to urgently hike prepaid smartphone rates to boost cash generation'","artsyn":"Loss-making Vi recently made its entry-level plan for prepaid users 61% costlier at Rs 79 in 14 markets and is set to implement this nationwide. 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So, there are recourses available, we will have to find and figure a way out,\" says Agarwal","seolocation":"telecomnews\/there-are-other-ways-ahead-says-supreme-court-advocate-after-fresh-agr-development","seolocationalt":"There are other ways ahead, says Supreme Court advocate after fresh AGR development","url_seo":"there-are-other-ways-ahead-says-supreme-court-advocate-after-fresh-agr-development"},"84675377":{"msid":"84675377","stname":"AGR case: Telcos' plea rejection does not bode well for sector recovery, says Icra","artsyn":"The Supreme Court has dismissed the applications filed by telecom majors, including Vodafone Idea and Bharti Airtel, seeking rectification of the alleged errors in the calculation of adjusted gross revenue (AGR) related dues payable by them.","seolocation":"telecomnews\/agr-case-telcos-plea-rejection-does-not-bode-well-for-sector-recovery-says-icra","seolocationalt":"AGR case: Telcos' plea rejection does not bode well for sector recovery, says Icra","url_seo":"agr-case-telcos-plea-rejection-does-not-bode-well-for-sector-recovery-says-icra"},"84649362":{"msid":"84649362","stname":"SC to rule on AGR calculation case on Friday","artsyn":"The bench will rule on separate pleas filed in January by Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a modification of the top court\u2019s September 20, 2020 order that declared DoT\u2019s AGR calculations as final.\u200b","seolocation":"telecomnews\/sc-to-rule-on-agr-calculation-case-on-friday","seolocationalt":"SC to rule on AGR calculation case on Friday","url_seo":"sc-to-rule-on-agr-calculation-case-on-friday"}}}}" data-news-images="[{"msid":"77870413","msname":"Vodafone Idea","msnameseo":"vodafone-idea","mediatype":"1","artdate":"2020-08-22 19:00:00.0","caption":""}]" data-newsletter-by="0" data-newsletter-date="a" data-hasbottomcarousel="" data-alldetailsopen="0" data-multipleanalyticshit="" data-deeplink="https://ettelecom.app.link?$deeplink_path=" data-socialshareformat="default">
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