External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Adjusted EBITDA (excluding one-offs on pre Ind AS 116) stood at INR12.8b v/s INR17.1b QoQ. This was attributed to the sharp subscriber churn due to the COVID-led lockdown and fall in ARPUs. With EBITDA (pre-Ind AS 116) of INR38.5b in 2HFY22E, it will be challenging to invest in growing its network and service upcoming repayments of: a) INR64.7b NCDs in FY22, b) INR82b deferred spectrum payment, and c) AGR installment.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Adjusted EBITDA (excluding one-offs on pre Ind AS 116) stood at INR12.8b v/s INR17.1b QoQ. This was attributed to the sharp subscriber churn due to the COVID-led lockdown and fall in ARPUs. With EBITDA (pre-Ind AS 116) of INR38.5b in 2HFY22E, it will be challenging to invest in growing its network and service upcoming repayments of: a) INR64.7b NCDs in FY22, b) INR82b deferred spectrum payment, and c) AGR installment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fall in earnings continues; needs immediate liquidity support

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Except 4G subscriber base, all the other KPIs signal weak performance for VIL in this quarter. Despite management's committed focus to expand coverage and capacity, company's future prospects largely depend on its ability to generate higher ARPU and a near-immediate need of fund infusion to keep the operations going. Keeping a close watch on the developments, we maintain our HOLD rating on the stock with a revised TP of Rs.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Except 4G subscriber base, all the other KPIs signal weak performance for VIL in this quarter. Despite management's committed focus to expand coverage and capacity, company's future prospects largely depend on its ability to generate higher ARPU and a near-immediate need of fund infusion to keep the operations going. Keeping a close watch on the developments, we maintain our HOLD rating on the stock with a revised TP of Rs.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>VIL remains the weakest private telco. AGR dues payment extension was only a short-term breather and its survival hinges on quick capital infusion and tariff hike/floor tariff implementation. The need for capitalisation is urgent mainly due to its upcoming payment commitments, lagging spends on network and continued relative market share loss. We maintain SELL rating with a DCF based target price of Rs 5/share (vs. Rs 6/share, earlier). We...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

VIL remains the weakest private telco. AGR dues payment extension was only a short-term breather and its survival hinges on quick capital infusion and tariff hike/floor tariff implementation. The need for capitalisation is urgent mainly due to its upcoming payment commitments, lagging spends on network and continued relative market share loss. We maintain SELL rating with a DCF based target price of Rs 5/share (vs. Rs 6/share, earlier). We...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>VIL posted an adjusted EBITDA of INR17.1b (excluding an INR4.5b one-off on a pre Ind AS 116 basis), down 5% QoQ (16% miss) on continuing subscriber churn and weak ARPU. Upcoming debt repayments of INR60b in FY22 and INR82b deferred spectrum payments require an immediate liquidity support. EBITDA (pre Ind AS 116) of INR88b in FY22E makes it challenging to service its net debt of INR1,190b (excluding AGR and lease liability) and invest in its network. We maintain our Neutral rating....</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

VIL posted an adjusted EBITDA of INR17.1b (excluding an INR4.5b one-off on a pre Ind AS 116 basis), down 5% QoQ (16% miss) on continuing subscriber churn and weak ARPU. Upcoming debt repayments of INR60b in FY22 and INR82b deferred spectrum payments require an immediate liquidity support. EBITDA (pre Ind AS 116) of INR88b in FY22E makes it challenging to service its net debt of INR1,190b (excluding AGR and lease liability) and invest in its network. We maintain our Neutral rating....Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Liquidity a major concern; fund raise awaited

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Thematic (Sector/Industry)

<p>The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. </p>
<p>Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.</p>

The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. 
Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.

India

Vodafone Idea Limited operates as a telecom service provider. The Company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise offerings, and entertainment. Vodafone Idea serves customers in India.

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Vodafone Idea (IDEA IN)

Fall in earnings continues; needs immediate liquidity support

Adjusted EBITDA (excluding one-offs on pre Ind AS 116) stood at INR12.8b v/s INR17.1b QoQ. This was attributed to the sharp subscriber churn due to...

Motilal Oswal

VODAFONE IDEA: Q4FY21 Update

Except 4G subscriber base, all the other KPIs signal weak performance for VIL in this quarter. Despite management's committed focus to expand...

Geojit

Vodafone Idea: Liquidity Concerns Remain

VIL remains the weakest private telco. AGR dues payment extension was only a short-term breather and its survival hinges on quick capital infusion...

ICICI Securities Limited

Liquidity a major concern; fund raise awaited

VIL posted an adjusted EBITDA of INR17.1b (excluding an INR4.5b one-off on a pre Ind AS 116 basis), down 5% QoQ (16% miss) on continuing subscriber...

Motilal Oswal

Review for the Year 2020

We review our entire cloud of insights covered in 2020, and give a snapshot of how did they pay out in the market, including future prospects.

Nitin Mangal

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