Vodafone Idea’s share price was back in the red on Friday after the company posted its earnings for the quarter ended March.

What Happened: The debt-ridden company’s revenue from operations stood at ₹10,531.9 crore, up 2.86% from the year-ago period. The company’s losses slightly narrowed in the March quarter to ₹6,418.9 crore from the ₹6,561.6 crore loss it reported in the same quarter last year. The company’s bottom line beat consensus estimates as most analysts expected the company to post a loss of around ₹7,000-7,500 crore.

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The telco’s EBITDA for the review quarter stood at ₹4,210.3 crore, down 9.44% from the year-ago period. EBITDA margin was at 40%. The trouble telcos subscribe base took a 7.3% year-over-year hit to go down to 22.59 crore. The average revenue per user (ARPU) climbed to ₹135 as against ₹124 in the same period last year.

Total gross debt, as of March 31, 2023, stood at ₹2.092.6 lakh crore, down from the ₹2.228.9 lakh crore it had as of Dec 31, 2022. The decline is mostly due to the conversion of debt representing net present value of interest arising due to the deferment of spectrum instalments and AGR dues into equity issued to the Government of India.

Price Action: Vodafone Idea share price was up 2.14% to trade at ₹7.10 as the markets opened on Friday.

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