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News: Vodafone Idea’s (VIL) Q4FY24 performance was muted, albeit subscriber churn saw some moderation QoQ. Reported revenues were down 0.6% QoQ to ₹ 10,607 crore. ARPU was up 0.7% QoQ to ₹ 146. The subscriber base declined at ~2.6 million QoQ (vs. 4.6 mn decline in Q3), with monthly churn rate at 3.9%, down from 4.3% in Q3. 4G base saw an addition of 0.7 mn. Reported EBITDA margins was flattish QoQ at 40.9% largely due to lower network opex and marketing expenses. The reported loss stood at ₹ 7675 crore.
Views: The key monitorable would be impact of renewed spends on network and relative market share loss, after the fund raise of ₹20750 crore (₹ 18000 crore through FPO and remining through preferential allotment to promoters). The 5G launch, would also be key to restrict churn in high ARPU and postpaid customers.
Impact: Neutral