Vodafone Idea shares on Wednesday saw a dip in its stock value after the company’s Q3 FY23 print revealed a further widening of net loss.

What happened? Vodafone Idea (Vi) posted its earnings for the third quarter of FY23 late Tuesday which shows that the net loss for the company widened 10.5% on a year-on-year (YoY) basis to ₹7,990 crore due to a rise in operating expenses and finance costs.

In the same period last year, the company posted a net loss of ₹7,230 crore.

The company also lost 5.8 million subscribers since the previous quarter with its subscriber base marked at 228.6 million, down from 234.4 million last quarter. On the flip side, the company’s 4G customer base grew by one million sequentially to 121.6 million.

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Vodafone Idea has been struggling operationally and financially, with rating downgrades adding to its finance costs.

However, gross revenue in the third quarter of FY23 increased by 9.2% YoY to ₹10,620 crore while earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 9.5% to ₹4,180 crore.

Average revenue per user (ARPU) figures also improved to ₹135 up 3% quarter-on-quarter from ₹131 in Q2 of FY23.

In a statement, Vi's chief executive officer Akshaya Moondra said the company is engaged with lenders for further debt raising and other parties for equity and equity-linked fundraising to make required investments for network expansion and 5G rollout.

Price Action: Vodafone Idea was trading 0.13% lower at ₹7.68 when markets opened on Wednesday.