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<\/span><\/figcaption><\/figure>\n\nET Intelligence Group:<\/strong> A closer look at the balance sheet<\/a> of Vodafone<\/a> Idea reveals its fragile financial health, which fails to offer much comfort to investors. For starters, the company’s reserves and surplus account was completely eroded by the net loss<\/a> of Rs 55,795.8 crore in the first half of FY20, which includes Rs 50,921.9 crore loss in the September 2019 quarter.

The reserves account was negative Rs 4,666.8 crore at the end of September compared with Rs 50,899.2 crore at the end of March 2019. As a result, the company’s total equity, which includes reserves, surplus and the equity capital shrank to Rs 24,068 crore compared with Rs 59,634.8 crore in the previous fiscal. This pushes the company in a precarious situation since another major loss in the future would make its networth negative, which would in turn affect its credit ratings.

The total debt has increased by 31% to Rs 2.2 lakh crore from the end of FY19. The debt-equity ratio after excluding cash and equivalents shot up 4.2 times from 1.8 times by similar comparison. Also, debt relative to the operating profit before depreciation and amortisation (debt\/EBITDA) was 10.2 times. This is way higher than the ratio of four times for Bharti Airtel<\/a>, the larger peer. A larger ratio suggests a higher debt burden on operations.

\n
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<\/span><\/figcaption><\/figure>\n\n\n\n
A major concern is that the company’s operations may not be able to sustain these levels of indebtedness at a time when it has been reporting a shrinking subscriber base. It gradually fell to 31.1 crore in the September 2019 quarter from 42.2 crore in the year-ago quarter.

During the same period, Bharti’s user base fell by a lesser margin to 27.9 crore from 33.2 crore. Also, Vodafone Idea’s revenue fell by 3.8% sequentially to Rs 10,844 crore in the September quarter, whereas Bharti’s topline grew by 2% quarter-onquarter to Rs 21,131.3 crore.

Given the deteriorating financials and rising debt burden, Vodafone Idea’s valuation looks stretched. At Friday’s closing stock price of Rs 3.7, its enterprise value (EV) relative to EBITDA<\/a> was over 11. Bharti Airtel’s EV\/EBITDA was around nine considering the Friday’s closing stock price of Rs 393.2.
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资产负债表沃达丰的想法遭受损失

主要担心的是,该公司的行动可能无法维持这些水平的债务的时候它已经报告萎缩的用户基础。它逐渐降至31.1卢比在2019年9月季度从去年同期的42.2卢比。

Ranjit Shinde
  • 发布于2019年11月16日08:12点坚持
等情报组:仔细看看资产负债表的沃达丰(Vodafone)思想揭示了其脆弱的财务状况,未能向投资者提供更舒适。首先,该公司的储备和盈余帐户完全侵蚀了净亏损上半年55795。8卢比的FY20,其中包括50921 .9卢比在2019年9月季度损失。

储备账户是负4666。8卢比在9月底相比50899年。2卢比在2019年3月底。结果,公司的总股本,包括储备,盈余和资本萎缩至24068卢比59634。8卢比相比以前的财政。这推动该公司在不稳定的情况下,因为未来的另一个重大的损失将使其榜负,进而影响其信用评级。

广告
债务总额增加了31%到2.2十万的卢比从FY19的结束。负债产权比率后,不包括现金和现金等价物从1.8倍上升4.2倍比较相似。同时,债务相对于折旧及摊销前盈利(债务/ EBITDA)是10.2倍。这是高于4倍的比例Bharti Airtel,更大的同伴。更大的比率表明操作更高的债务负担。


主要担心的是,该公司的行动可能无法维持这些水平的债务的时候它已经报告萎缩的用户基础。它逐渐降至31.1卢比在2019年9月季度从去年同期的42.2卢比。

在同一时期,Bharti的用户群以较小的优势降至27.9卢比从33.2卢比。顺序也,沃达丰的收入下降了3.8%,在第三季度10844卢比,而Bharti的营收增长了2% quarter-onquarter 21131。3卢比。

鉴于不断恶化的金融和不断上升的债务负担,沃达丰(Vodafone)想法的估值看起来拉伸。在周五收盘价3.7 Rs,其企业价值(EV)相对息税前利润结束了11。Bharti Airtel的EV / EBITDA约九考虑到周五收盘价393.2卢比。
  • 发布于2019年11月16日08:12点坚持
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<\/span><\/figcaption><\/figure>\n\nET Intelligence Group:<\/strong> A closer look at the balance sheet<\/a> of Vodafone<\/a> Idea reveals its fragile financial health, which fails to offer much comfort to investors. For starters, the company’s reserves and surplus account was completely eroded by the net loss<\/a> of Rs 55,795.8 crore in the first half of FY20, which includes Rs 50,921.9 crore loss in the September 2019 quarter.

The reserves account was negative Rs 4,666.8 crore at the end of September compared with Rs 50,899.2 crore at the end of March 2019. As a result, the company’s total equity, which includes reserves, surplus and the equity capital shrank to Rs 24,068 crore compared with Rs 59,634.8 crore in the previous fiscal. This pushes the company in a precarious situation since another major loss in the future would make its networth negative, which would in turn affect its credit ratings.

The total debt has increased by 31% to Rs 2.2 lakh crore from the end of FY19. The debt-equity ratio after excluding cash and equivalents shot up 4.2 times from 1.8 times by similar comparison. Also, debt relative to the operating profit before depreciation and amortisation (debt\/EBITDA) was 10.2 times. This is way higher than the ratio of four times for Bharti Airtel<\/a>, the larger peer. A larger ratio suggests a higher debt burden on operations.

\n
\"\"
<\/span><\/figcaption><\/figure>\n\n\n\n
A major concern is that the company’s operations may not be able to sustain these levels of indebtedness at a time when it has been reporting a shrinking subscriber base. It gradually fell to 31.1 crore in the September 2019 quarter from 42.2 crore in the year-ago quarter.

During the same period, Bharti’s user base fell by a lesser margin to 27.9 crore from 33.2 crore. Also, Vodafone Idea’s revenue fell by 3.8% sequentially to Rs 10,844 crore in the September quarter, whereas Bharti’s topline grew by 2% quarter-onquarter to Rs 21,131.3 crore.

Given the deteriorating financials and rising debt burden, Vodafone Idea’s valuation looks stretched. At Friday’s closing stock price of Rs 3.7, its enterprise value (EV) relative to EBITDA<\/a> was over 11. Bharti Airtel’s EV\/EBITDA was around nine considering the Friday’s closing stock price of Rs 393.2.
<\/body>","next_sibling":[{"msid":72080146,"title":"Bharti Group withdraws Reliance Communications bid, citing unfair treatment","entity_type":"ARTICLE","link":"\/news\/bharti-group-withdraws-reliance-communications-bid-citing-unfair-treatment\/72080146","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"72079810","title":"2","entity_type":"IMAGES","seopath":"industry\/telecom\/telecom-news\/balance-sheet-of-voda-idea-hit-by-losses\/2","category_name":"Balance sheet of Voda Idea hit by losses","synopsis":"Given the deteriorating financials and rising debt burden, Vodafone Idea\u2019s valuation looks stretched.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-240455\/72079810.cms?width=150&height=112","link":"\/image\/industry\/telecom\/telecom-news\/balance-sheet-of-voda-idea-hit-by-losses\/2\/72079810"}],"msid":72080194,"entity_type":"ARTICLE","title":"Balance sheet of Vodafone Idea hit by losses","synopsis":"A major concern is that the company\u2019s operations may not be able to sustain these levels of indebtedness at a time when it has been reporting a shrinking subscriber base. It gradually fell to 31.1 crore in the September 2019 quarter from 42.2 crore in the year-ago quarter.","titleseo":"telecomnews\/balance-sheet-of-vodafone-idea-hit-by-losses","status":"ACTIVE","authors":[{"author_name":"Ranjit Shinde","author_link":"\/author\/479086136\/ranjit-shinde","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479086136.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479086136,"author_name":"Ranjit Shinde","author_seo_name":"ranjit-shinde","designation":"Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2019-11-16 08:12:05","lastupd":"2019-11-16 08:12:05","breadcrumbTags":["Balance Sheet","Net Loss","EBITDA","Industry","bharti airtel","Vodafone"],"secinfo":{"seolocation":"telecomnews\/balance-sheet-of-vodafone-idea-hit-by-losses"}}" data-news_link="//www.iser-br.com/news/balance-sheet-of-vodafone-idea-hit-by-losses/72080194">