iWorld
Vi for victory? spectrum swaps, ARPU hikes and 5G boost Vodafone Idea
MUMBAI: The fourth quarter of FY25 brought a much-needed signal boost for Vodafone Idea (Vi), as the beleaguered telco dialled up its strongest financial performance in years powered by equity infusions, spectrum-to-stock swaps, and an aggressive push into 5G and rural expansion.
For the fiscal year ended 31 March 2025, Vi reported revenue of Rs 435.7 billion, marking a 2.2 per cent year-on-year increase. More notably, its annual cash EBITDA (pre-Ind AS 116) rose 9.5 per cent to Rs 92 billion, a third straight year of growth. The company’s Q4FY25 revenue hit Rs 110.1 billion, its highest average daily revenue in five years.
But it’s not just numbers that changed. In a game-changing spectrum-to-equity conversion, Vi allotted 36.95 billion shares worth Rs 369.5 billion to the Government of India, boosting GoI’s stake to 49 per cent. With an additional Rs 180 billion from a public offer, and Rs 40 billion via preferential issues to Vodafone and Aditya Birla Group, Vi raised a total of Rs 614 billion in equity this year. That’s more than a capital top-up, it’s a lifeline.
The subscriber base stood at 198.2 million at the end of Q4, with average revenue per user (ARPU) rising to Rs 175 up 14.2 per cent YoY. Vi also added over 6,900 new 4G towers this quarter (a company record since the merger), expanded 4G coverage to 83 per cent of India’s population, and improved 4G speeds by 28 per cent.
Capex for FY25 totalled Rs 95.7 billion, with Q4 alone accounting for Rs 42.3 billion, Vi’s highest in a quarter post-merger. The company also brought down its bank debt from Rs 40.4 billion to Rs 23.3 billion and closed FY25 with a cash and bank balance of Rs 99.3 billion.
However, challenges remain. Vi reported a consolidated loss of Rs 273.8 billion for the year and still holds spectrum and AGR liabilities aggregating over Ts 1.9 trillion. It has another Rs 164.3 billion in AGR dues falling due in FY26, and is in talks with banks for additional debt funding.
To offset these burdens, Vi is diversifying its offerings. It launched new “Limitless” postpaid plans and hero prepaid plans to woo consumers, expanded its retail footprint to over 500 flagship stores and 2,500 touchpoints, and introduced premium international roaming benefits and lost baggage insurance.
Even its B2B wing is flexing muscle, signing an MoU with West Bengal for MSME digital skilling and partnering with HPE to deliver enterprise-grade network solutions.
Vi’s signal to the market is clear: it’s not just staying alive, it’s aiming for a comeback. With spectrum dues now equity, ARPU trending upwards, and credit ratings upgraded to BBB- (Stable) by ICRA and CARE, FY25 could be the year Vi finally got its second wind.
Now, all eyes are on August 2025, when the company plans to beam 5G across all 17 of its spectrum circles. Until then, the mantra is clear: invest, expand, and connect.
iWorld
Netflix cuts jobs in product division amid restructuring
Layoffs hit creative studio unit as leadership and strategy shifts unfold.
MUMBAI: The streaming wars may be fought on screen, but the latest plot twist is unfolding behind the scenes. Netflix has reportedly begun laying off several dozen employees from its product division as part of an internal reorganisation, according to a report by Variety. The cuts are believed to have primarily affected the company’s creative studio unit, which works on marketing assets such as in app trailers, promotional visuals and live experience content for the streaming platform.
The company has not disclosed the exact number of employees impacted.
According to the report, the layoffs were not tied to employee performance. Instead, the restructuring eliminated certain roles while other employees were reassigned to different teams within the organisation.
The roles affected are understood to include designers, producers and creative specialists responsible for marketing and brand experience initiatives.
The job cuts come as Netflix adjusts its leadership structure and reshapes its product and creative teams. Last month, Elizabeth Stone was promoted from chief technology officer to chief product and technology officer, giving her oversight of product, engineering and data operations across the company.
Earlier, in December 2025, Netflix also appointed Martin Rose as head of creative for global brand and partnerships, a move seen as part of a broader restructuring of the company’s brand and product functions.
Despite the layoffs, Netflix remains one of the largest employers in the streaming sector. The company is estimated to employ around 16,000 people globally, with roughly 70 percent of its workforce based in the United States and Canada. In 2023, the company reported approximately 13,000 employees, indicating that its headcount had grown significantly before the latest restructuring.
The workforce changes arrive at a time when Netflix is navigating a shifting financial and strategic landscape in the global entertainment industry.
The streaming giant recently secured $2.8 billion in additional cash after receiving a breakup fee from Paramount Skydance following its withdrawal from a deal involving Warner Bros. Discovery.
Speaking to Bloomberg, Netflix co chief executive Ted Sarandos explained that the company had evaluated multiple scenarios during the negotiations but chose not to match the competing offer once it learned that a higher bid had been submitted.
Netflix had capped its offer at $27.75 per share and ultimately stepped back rather than pursue Paramount’s $111 billion acquisition deal, which included a personal guarantee.
Sarandos also cautioned that the financing structure behind the Paramount Skydance transaction could have ripple effects across the entertainment industry.
According to him, the debt heavy deal could trigger significant cost cutting, with David Ellison, chief executive of Paramount Skydance, expected to eliminate about $16 billion in costs and potentially cut thousands of jobs as part of the integration process.
For Netflix, the current restructuring appears to be part of a broader attempt to streamline operations while continuing to invest in product, technology and global content even as the streaming industry enters a new phase of consolidation and financial discipline.
