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This was the 11th consecutive quarterly loss for the telecom operator and it was higher than the December quarter's Rs 4,589.10 crore loss but less than the year-ago period's Rs 11,711 crore loss.
The streak of losses made the auditor of the telecom operator raise concerns over the telco's ability to remain a 'going concern’. Analysts have set price targets as low as Rs 5 on the stock, suggesting a potential 48 per cent plunge.
In its quarterly earnings, auditor SR Batliboi & Associates said the company's financial performance has impacted its ability to generate cash flow which it needs to settle or refinance its liabilities and guarantees as and when they fall due. This along with its financial condition has resulted in material uncertainty, casting significant doubts on the company’s ability to make the payments and continue as a 'going concern.'
The company's gross debt, excluding lease liabilities, stood at Rs 1,80,300 crore, comprising deferred spectrum payment obligations of Rs 96,270 crore and AGR liability of Rs 60,960 crore and debt from banks and financial institutions of Rs 23,080 crore.
The auditor said the assumption of a ‘going concern’ is essentially dependent on Vodafone Idea's ability to raise additional funds, successful negotiation with lenders on continued support, refinancing of debt, monetisation of certain assets, clarity over the next installment amount, acceptance of its deferment request by DoT<\/a> and cash flow generation from operations.
MD & CEO Ravinder Takkar said the company was actively in discussion with potential investors for fund raising.
But analysts are not impressed. They are worried over the company’s market share loss, under-investment and high leverage. They have a 'sell' rating on the stock.
Credit Suisse<\/a> has maintained an 'underperform' rating on the stock with a price target of Rs 7.5. It said Ebitda for March quarter beat expectations, but it was a big miss on the revenue front. Leverage at the company stood at 21 times, which is unsustainable, it said and cited under-investments and market share loss as key negatives.
ICICIdirect sees the stock at Rs 5.
Analysts said certain lenders have asked the company for an increase in interest rates and additional margin money or security against existing facilities as a result of a rating downgrade. Vodafone has written to DoT for deferment of spectrum payment instalment of Rs 8,211 crore payable on April 9, 2022.
The company said it added 42 lakh 4G subscribers in the March quarter, taking the 4G subscriber base to 11.39 crore. It assured of cost optimisation with a target of Rs 4,000 crore in annualised opex savings by December 31, noting that it has already achieved 65 per cent of the targeted opex efficiency on a run-rate basis.
“Though VIL has seen a marginal improvement in 4G subscriber addition and lower total subscriber loss, it is too little to make any difference. We see liabilities coming up for payment soon, and VIL may have a cash flow mismatch. The efforts to raise funds has also not yielded any outcome yet. Relief from government on spectrum payment, and a reduction in AGR liability on SC accepting reconciliation are other hopes,” ICICI Securities said.
The brokerage has cut its Ebitda estimates by 11 per cent for FY22 and 14 per cent for FY23 and retained its price target at Rs 5.
Underinvestment is another concern.
Motilal Oswal Securities said Vodafone Idea’s capex spend rose to about Rs 1,540 crore from Rs 970 crore in the December quarter.
\"Total capex spend in FY21 stood at Rs 4,150 crore against Bharti’s Rs 19,700 crore, which was 5 times higher. Unique towers for Vodafone Idea remained flat at 1,80,500 against 7,800 additions by Bharti to 2,07,000. Total broadband sites rose by 4,700 to 4,53,000. Bharti added 31,000 towers to 5,68,000,\" the brokerage said.
The operator reported a 11.8 per cent QoQ fall in revenues at Rs 9,067 crore against Rs 10,894 crore reported for the December quarter. Average daily revenue, adjusted for IUC impact was flat QoQ.
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By June 2020, analysts\u2019 average target price for the stock had hit Rs 645, data from Trendlyne shows. The average estimate has since been hiked to around Rs 700, signifying a potential upside of about 30 per cent from the current price in the next 12 months.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-155857\/83705581.cms?width=150&height=112","link":"\/news\/markets\/stocks\/news\/why-is-airtel-not-moving-an-inch-despite-being-a-screaming-buy\/83705581"},{"msid":"83766530","title":"Brokerages stay bullish on RIL, see twin propellers in Jio and retail","entity_type":"ARTICLE","seopath":"markets\/stocks\/news\/brokerages-stay-bullish-on-ril-see-twin-propellers-in-jio-and-retail","category_name":"News","synopsis":"CLSA has maintained an outperform rating as Reliance\u2019s telecom business Jio showed its first-ever positive free cash flow and strong subscriber expansion. Goldman Sachs has retained a buy rating saying that Reliance\u2019s retail growth opportunity is underappreciated. The stock ended down 0.5% at Rs 2,226 on Tuesday but it has run up 12% ahead of Friday\u2019s Annual General Meeting. A look at the brokerage commentary on RIL in recent days. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-87628\/83766530.cms?width=150&height=112","link":"\/news\/markets\/stocks\/news\/brokerages-stay-bullish-on-ril-see-twin-propellers-in-jio-and-retail\/83766530"}],"msid":84011024,"entity_type":"ARTICLE","title":"Auditor doubts Vodafone Idea\u2019s ability to remain a 'going concern'; analysts see 48% drop in stock","synopsis":"The streak of losses made the auditor of the telecom operator raise concerns over the telco's ability to remain a 'going concern\u2019. Analysts have set price targets as low as Rs 5 on the stock, suggesting a potential 48 per cent plunge.","titleseo":"telecomnews\/auditor-doubts-vodafone-ideas-ability-to-remain-a-going-concern-analysts-see-48-drop-in-stock","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":789,"shares":0,"engagementtimems":3945000},"Alttitle":{"minfo":""},"artag":"ETMarkets.com","artdate":"2021-07-01 11:16:26","lastupd":"2021-07-01 11:19:31","breadcrumbTags":["Vodafone Idea","vodafone idea shares","Q4 earnings","Vodafone Idea auditor","Vodafone Idea Q4 Result","Credit Suisse","DoT","Vodafone Idea Q4","Vodafone Idea news","Industry"],"secinfo":{"seolocation":"telecomnews\/auditor-doubts-vodafone-ideas-ability-to-remain-a-going-concern-analysts-see-48-drop-in-stock"}}" data-authors="[" amit mudgill"]" data-category-name="" data-category_id="" data-date="2021-07-01" data-index="article_1">
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审计师怀疑沃达丰想法的能力仍是一个“持续经营”;分析师认为股市下跌48%
损失的条纹使电信运营商提高审计师的电信的担忧仍是一个“持续经营”的能力。分析师设定目标价低至Rs 5在股票,显示一个潜在的大跌48%。
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这是电信运营商的连续11个季度亏损,这是高于12月当季4589 .10卢比亏损但低于去年同期的11711卢比的损失。
损失的条纹使电信运营商提高审计师的电信的担忧仍是一个“持续经营”的能力。分析师设定目标价低至Rs 5在股票,显示一个潜在的大跌48%。
在其季度收益,审计师SR Batliboi & Associates称,该公司的财务业绩影响其产生现金流的能力,它需要解决或为其债务进行再融资和担保,到期时。这与其财务状况导致材料不确定性,铸造重大怀疑公司的偿还能力和继续作为一个持续经营。
公司的总债务,包括租赁负债,站在Rs 1, 80300卢比,包括延迟谱支付96270卢比的义务和60960卢比的AGR责任和债务从银行和金融机构的23080卢比。
审计人员说“持续经营”的假设基本上是依赖沃达丰想法筹集额外资金的能力,成功的与银行的谈判在继续支持,再融资的债务,某些资产货币化,清晰未来分期付款金额,接受的延期请求点从业务和现金流的一代。
MD和CEO Ravinder Takkar表示,该公司正积极与潜在投资者融资。
但分析师并不印象深刻。他们担心该公司的市场份额损失,投资不足和高杠杆。他们有一个“卖出”评级。
瑞士信贷(Credit Suisse)一直保持着“表现不佳”评级的股票目标价7.5卢比。表示3月季度Ebitda超过预期,但这是一个大小姐在收入方面。利用公司站在21倍,这是不可持续的,它说,认为投资不足和市场份额的损失是关键的底片。
ICICIdirect看到股票的Rs 5。
分析师表示,某些银行要求公司增加利率和额外的保证金或对现有设施安全的评级下调。沃达丰写点谱的延期支付分期付款的8211卢比支付4月9日,2022年。
该公司表示,它增加了42个十万的4 g用户在3月季度,4 g用户基础,至11.39卢比。保证成本的优化,目标4000卢比在12月31日年度运营成本指出它已经实现了65%的增长率基础上有针对性的运营效率。
“虽然维尔了边际改善4 g用户添加和较低的总用户损失,太有差别。我们很快看到即将到来的债务支付,维尔可能有现金流不匹配。筹集资金的努力还没有取得任何结果。减轻政府对光谱付款,减少AGR责任SC接受和解其他希望,”印度工业信贷投资银行证券说。
的经纪公司已经削减了11%的息税前利润估计FY22 14%, FY23并保留其目标价在Rs 5。
投资不足是另一个问题。
Motilal Oswal证券表示,沃达丰的想法的资本支出花费上升到大约1540卢比在12月当季970卢比。
“总资本支出花在与Bharti FY21站在4150卢比19700卢比,高5倍。独特的塔沃达丰想法持平,80500对7800添加Bharti 07000。总宽带网站增加了4700 53000。Bharti增加了31000大楼,68000,“经纪说。
操作员不可小觑下降了11.8%在9067卢比的收入10894卢比12月季度报告。平均每日收入,调整IUC是平的影响不可小觑。
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