NEW DELHI: Vodafone Idea<\/a> has the weakest balance sheet among the top telecom players. The telecom major, which reported a Rs 25,460 crore loss for June quarter, is looking to restructure and raise money. 新德里消息:沃达丰的想法中最弱的资产负债表电信玩家。电信专业,据报道6月季度亏损25460卢比,希望重组和筹集资金。
But it is losing subscribers fast and has the Supreme Court verdict on adjusted gross revenue (AGR) looming over its head. Analysts said the company needs to increase average revenue per user (Arpu<\/a>) to Rs 150-175 in order to be able to stay in business.
The telco says the industry<\/a> can easily absorb tariff hikes, but analysts have doubts. The telecom firm reported a drop in Arpu during a lockdown-hit quarter when peers saw a sharp rise. Its low investments in the 4G space could also pose a problem to increasing Arpu, said analysts, who have advised retail investors to steer clear of the stock.
The telco needs to pay around Rs 50,400 crore more to the Department of Telecommunications (DoT<\/a>) in license fee, spectrum usage charges (SUC<\/a>), interest and penalties. The top court will hear its appeal today for a staggered payment option.
The head of research with a top domestic brokerage, which has suspended rating of Vodafone Idea, said the AGR issue is the biggest hangover for the stock.
“Vodafone fares poorly compared with peers. They have lost 2.2 crore customers in June quarter, which is almost 7 per cent of its total subscriber base. Arpu at Rs 114 was much lower than Reliance Jio's Rs 130.60, and Bharti Airtel’s Rs 157.\"
Vodafone Idea is looking to focus on top circles, this analyst said, noting that Vodafone was focusing on Tier 1 cities, while Idea was Tier III and IV player before the merger. “It’s a mixed bag now,\" he said.
The company is facing competition from Bharti at the top end and Jio at the bottom end,” he said.
On Friday, the company’s Managing Director Ravinder Takkar said telecom Arpus are \"still far from being sustainable\" and the market has the ability to absorb further tariff hikes, which will fix structural issues faced by the sector and enable telcos to generate reasonable returns.
Takkar said he does not agree with the view that 2G services need to be stopped, since it is a low-cost service still preferred by certain set of users.
Umesh Mehta of Samco Securities said since the company reported a drop in Arpu during the lockdown period, when peers saw a sharp jump, there is something structurally wrong.
“Demand for telecom services was expected to rise during the lockdown period with India Inc opting for work from home strategy, which pushed up demand for data,” he said.
“There is no certainty that the company will survive even though it is backed by a big corporate house. Eventually, the customer is the king. If the customers themselves are leaving and dissatisfied, this in itself is a warning bell. From an investment point of view, investors should stay clear of this stock.
It has no equity value left given the huge debt and future liabilities, Mehta said.
After making huge provision for statutory dues, Vodafone Idea’s net worth has turned to negative at Rs 19,500 crore at June end. Exceptional costs in Q1 included Rs 19,440 crore relating to total estimated AGR dues<\/a>, Rs 123 crore as one-time spectrum charge and Rs 3.70 crore in merger-related costs. CLSA in a report said Vodafone Idea’s AGR burden is ‘enormous’.
“Even if a 20-year tenure is granted, Voda Idea’s EMI on the telecom department’s estimates will be 30 per cent of cash Ebitda, when debt burden is also rising at Rs 1.15 lakh crore. Some 80 per cent of this amount is for spectrum liabilities, which have a two-year moratorium,” CLSA said. “Our key concern is undercutting capex to conserve cash.
\"While the sequential capex decline is understandable given the Covid impact, the extent is surprising and we see structural risks,” Bank of America (BofA) Securities said in a note.
An ET report suggested that the loss-making operator has started a restructuring drive to help save Rs 4,000 crore on an annualised basis over next 18 months.
The steps included cutting IT costs, centralising decision making, lowering distribution costs by pushing digital recharges and automating functions. The report suggests the telco is looking to monetise its 11.15 per cent stake in Indus Towers after its merger with Bharti Infratel and sell its optic fibre and data centres to raise funds.
Separately, Google is reported to have been in talks to buy a stake in the telco. The stock has rallied over 100 per cent in last three months.
\"The gains in the telecom market seem to be asymmetrical. On one hand, we have seen Bharti gain in terms of Arpu and on the other hand, we are seeing Vodafone-Idea lose out. Some of the higher value users are quitting Vodafone-Idea because of their financial issues and porting out to Airtel mostly or to Jio,” Sandip Sabharwal of asksandipsabharwal told ET NOW.
<\/p><\/body>","next_sibling":[{"msid":77459008,"title":"Here's what Vodafone Idea needs to survive in India","entity_type":"ARTICLE","link":"\/news\/vodafone-idea-needs-capital-infusion-tariff-hike-for-survival-in-india-report\/77459008","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"77457859","title":"Vodafone Idea","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/can-vodafone-idea-survive-even-if-sc-lets-it-stagger-agr-dues\/vodafone-idea","category_name":"Can Vodafone Idea survive even if SC lets it stagger AGR dues?","synopsis":"Google is reported to have been in talks to buy a stake in the telco. The stock has rallied over 100 per cent in last three months. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-83011\/77457859.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/can-vodafone-idea-survive-even-if-sc-lets-it-stagger-agr-dues\/vodafone-idea\/77457859"}],"msid":77459165,"entity_type":"ARTICLE","title":"Can Vodafone Idea survive even if SC lets it stagger AGR dues?","synopsis":"Vodafone Idea has the weakest balance sheet among the top telecom players. The telecom major, which reported a Rs 25,460 crore loss for June quarter, is looking to restructure and raise money. ","titleseo":"telecomnews\/can-vodafone-idea-survive-even-if-sc-lets-it-stagger-agr-dues","status":"ACTIVE","authors":[{"author_name":"Amit Mudgill","author_link":"\/author\/479242126\/amit-mudgill","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479242126.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479242126,"author_name":"Amit Mudgill","author_seo_name":"amit-mudgill","designation":"Journalist","agency":false}}],"analytics":{"comments":0,"views":1138,"shares":0,"engagementtimems":5690000},"Alttitle":{"minfo":""},"artag":"ETMarkets.com","artdate":"2020-08-10 13:23:56","lastupd":"2020-08-10 13:25:33","breadcrumbTags":["vodafone idea agr dues","SUC","DoT","AGR case","Industry","telecom news","vodafone idea agr","Vodafone Idea","ARPU","agr dues"],"secinfo":{"seolocation":"telecomnews\/can-vodafone-idea-survive-even-if-sc-lets-it-stagger-agr-dues"}}" data-authors="[" amit mudgill"]" data-category-name="" data-category_id="" data-date="2020-08-10" data-index="article_1">
但它正在失去用户快速和最高法院判决在调整后的总收益(AGR)头上迫在眉睫。分析师表示,公司需要增加每用户平均收入(ArpuRs 150 - 175年),为了能够维持经营。
电信说,行业可以很容易地吸收关税上涨,但分析师怀疑。电信公司报道Arpu lockdown-hit季度期间下降当同行看到急剧上升。低投资4 g的空间也可以对提高Arpu构成问题,分析人士说,他们已经建议散户投资者避开股票。
前国内券商的研究主管,已暂停评级沃达丰的想法,AGR的问题是最大的股票的宿醉。
“沃达丰与同行相比中表现不佳。他们失去了2.2卢比的客户6月季度,这几乎是其用户总数的7%。Arpu Rs 114是远低于信实Jio Rs 130.60,和Bharti Airtel的Rs 157。”
沃达丰的想法是想关注前圈,这个分析师表示,并指出,沃达丰关注一级城市,虽然想法是第三和第四层合并前球员。“现在是好坏参半,”他说。
公司面临的竞争Bharti顶端和底部Jio结束,”他说。
上周五,该公司总经理Ravinder Takkar说电信arpu“仍远非可持续”和市场有能力吸收进一步提高关税,这将解决该行业所面临的结构性问题,使电信公司产生合理的回报。
Takkar说他不同意的观点2 g服务需要停止,因为它是一种低成本的服务仍由特定的用户首选。
Umesh Mehta Samco证券表示,自该公司公布Arpu下降在封锁期间,当同行看到大幅跳,有一些结构性错误。
“对电信服务的需求预计将崛起在封锁期间与印度公司选择在家工作的策略,这推高了对数据的需求,”他说。
“现在还不能确定,该公司将生存,尽管它是由一个大公司的房子。最终,客户是国王。如果客户自己离开和不满,这本身是一个警钟。从投资的角度来看,投资者应该远离这些股票。
它没有股权价值留下巨额债务和未来债务,梅塔说。
制造巨大的法定条款会费后,沃达丰(Vodafone)想法的净资产已经转向- 19500卢比在6月结束。特殊成本包括Q1 19440卢比总估计有关AGR费123卢比,一次性频谱电荷和关联合并成本3.70卢比。里昂证券(CLSA)的一份报告中表示,沃达丰的AGR负担是“巨大的”。
“即使一个20年的任期,Voda想法的EMI电信部门的估计将现金息税前利润的30%,当债务负担在1.15十万的卢比也在不断上升。大约80%的这对频谱负债金额,为期两年的禁令,”里昂证券(CLSA)说。“我们的关键问题是削弱了资本支出,以节约现金。
“虽然顺序Covid影响,资本支出下降是可以理解的程度令人吃惊,我们看到结构性风险,”美国银行(Bank of America)(美国银行)证券在一份报告中称。
等报告表明,亏损的运营商已经开始重组努力帮助拯救4000卢比在未来18个月内按年率计算。
的步骤包括削减成本,中央集权的决策,降低分销成本,推动数码充电和自动化功能。报告建议电信希望套现其印度塔11.15%的股份合并后鼓吹和出售其光纤和数据中心以筹集资金。
另外,据报道,谷歌一直在谈判购买电信的股份。最后三个月的股票上涨了100%。
“电信市场的增长似乎是不对称的。一方面,我们已经看到Bharti获得的Arpu,另一方面,我们看到Vodafone-Idea失去。一些高价值用户退出Vodafone-Idea因为他们的财务问题和移植Airtel主要或Jio,“现在人力Sandip asksandipsabharwal告诉等。
读到
NEW DELHI: Vodafone Idea<\/a> has the weakest balance sheet among the top telecom players. The telecom major, which reported a Rs 25,460 crore loss for June quarter, is looking to restructure and raise money.
But it is losing subscribers fast and has the Supreme Court verdict on adjusted gross revenue (AGR) looming over its head. Analysts said the company needs to increase average revenue per user (Arpu<\/a>) to Rs 150-175 in order to be able to stay in business.
The telco says the industry<\/a> can easily absorb tariff hikes, but analysts have doubts. The telecom firm reported a drop in Arpu during a lockdown-hit quarter when peers saw a sharp rise. Its low investments in the 4G space could also pose a problem to increasing Arpu, said analysts, who have advised retail investors to steer clear of the stock.
The telco needs to pay around Rs 50,400 crore more to the Department of Telecommunications (DoT<\/a>) in license fee, spectrum usage charges (SUC<\/a>), interest and penalties. The top court will hear its appeal today for a staggered payment option.
The head of research with a top domestic brokerage, which has suspended rating of Vodafone Idea, said the AGR issue is the biggest hangover for the stock.
“Vodafone fares poorly compared with peers. They have lost 2.2 crore customers in June quarter, which is almost 7 per cent of its total subscriber base. Arpu at Rs 114 was much lower than Reliance Jio's Rs 130.60, and Bharti Airtel’s Rs 157.\"
Vodafone Idea is looking to focus on top circles, this analyst said, noting that Vodafone was focusing on Tier 1 cities, while Idea was Tier III and IV player before the merger. “It’s a mixed bag now,\" he said.
The company is facing competition from Bharti at the top end and Jio at the bottom end,” he said.
On Friday, the company’s Managing Director Ravinder Takkar said telecom Arpus are \"still far from being sustainable\" and the market has the ability to absorb further tariff hikes, which will fix structural issues faced by the sector and enable telcos to generate reasonable returns.
Takkar said he does not agree with the view that 2G services need to be stopped, since it is a low-cost service still preferred by certain set of users.
Umesh Mehta of Samco Securities said since the company reported a drop in Arpu during the lockdown period, when peers saw a sharp jump, there is something structurally wrong.
“Demand for telecom services was expected to rise during the lockdown period with India Inc opting for work from home strategy, which pushed up demand for data,” he said.
“There is no certainty that the company will survive even though it is backed by a big corporate house. Eventually, the customer is the king. If the customers themselves are leaving and dissatisfied, this in itself is a warning bell. From an investment point of view, investors should stay clear of this stock.
It has no equity value left given the huge debt and future liabilities, Mehta said.
After making huge provision for statutory dues, Vodafone Idea’s net worth has turned to negative at Rs 19,500 crore at June end. Exceptional costs in Q1 included Rs 19,440 crore relating to total estimated AGR dues<\/a>, Rs 123 crore as one-time spectrum charge and Rs 3.70 crore in merger-related costs. CLSA in a report said Vodafone Idea’s AGR burden is ‘enormous’.
“Even if a 20-year tenure is granted, Voda Idea’s EMI on the telecom department’s estimates will be 30 per cent of cash Ebitda, when debt burden is also rising at Rs 1.15 lakh crore. Some 80 per cent of this amount is for spectrum liabilities, which have a two-year moratorium,” CLSA said. “Our key concern is undercutting capex to conserve cash.
\"While the sequential capex decline is understandable given the Covid impact, the extent is surprising and we see structural risks,” Bank of America (BofA) Securities said in a note.
An ET report suggested that the loss-making operator has started a restructuring drive to help save Rs 4,000 crore on an annualised basis over next 18 months.
The steps included cutting IT costs, centralising decision making, lowering distribution costs by pushing digital recharges and automating functions. The report suggests the telco is looking to monetise its 11.15 per cent stake in Indus Towers after its merger with Bharti Infratel and sell its optic fibre and data centres to raise funds.
Separately, Google is reported to have been in talks to buy a stake in the telco. The stock has rallied over 100 per cent in last three months.
\"The gains in the telecom market seem to be asymmetrical. On one hand, we have seen Bharti gain in terms of Arpu and on the other hand, we are seeing Vodafone-Idea lose out. Some of the higher value users are quitting Vodafone-Idea because of their financial issues and porting out to Airtel mostly or to Jio,” Sandip Sabharwal of asksandipsabharwal told ET NOW.
<\/p><\/body>","next_sibling":[{"msid":77459008,"title":"Here's what Vodafone Idea needs to survive in India","entity_type":"ARTICLE","link":"\/news\/vodafone-idea-needs-capital-infusion-tariff-hike-for-survival-in-india-report\/77459008","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"77457859","title":"Vodafone Idea","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/can-vodafone-idea-survive-even-if-sc-lets-it-stagger-agr-dues\/vodafone-idea","category_name":"Can Vodafone Idea survive even if SC lets it stagger AGR dues?","synopsis":"Google is reported to have been in talks to buy a stake in the telco. The stock has rallied over 100 per cent in last three months. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-83011\/77457859.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/can-vodafone-idea-survive-even-if-sc-lets-it-stagger-agr-dues\/vodafone-idea\/77457859"}],"msid":77459165,"entity_type":"ARTICLE","title":"Can Vodafone Idea survive even if SC lets it stagger AGR dues?","synopsis":"Vodafone Idea has the weakest balance sheet among the top telecom players. The telecom major, which reported a Rs 25,460 crore loss for June quarter, is looking to restructure and raise money. ","titleseo":"telecomnews\/can-vodafone-idea-survive-even-if-sc-lets-it-stagger-agr-dues","status":"ACTIVE","authors":[{"author_name":"Amit Mudgill","author_link":"\/author\/479242126\/amit-mudgill","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479242126.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479242126,"author_name":"Amit Mudgill","author_seo_name":"amit-mudgill","designation":"Journalist","agency":false}}],"analytics":{"comments":0,"views":1138,"shares":0,"engagementtimems":5690000},"Alttitle":{"minfo":""},"artag":"ETMarkets.com","artdate":"2020-08-10 13:23:56","lastupd":"2020-08-10 13:25:33","breadcrumbTags":["vodafone idea agr dues","SUC","DoT","AGR case","Industry","telecom news","vodafone idea agr","Vodafone Idea","ARPU","agr dues"],"secinfo":{"seolocation":"telecomnews\/can-vodafone-idea-survive-even-if-sc-lets-it-stagger-agr-dues"}}" data-news_link="//www.iser-br.com/news/can-vodafone-idea-survive-even-if-sc-lets-it-stagger-agr-dues/77459165">
评论
现在评论 阅读评论(1)所有评论
找到这个评论进攻?
下面选择你的理由并单击submit按钮。这将提醒我们的版主采取行动