iWorld
Vodafone Idea posts Rs 111.2 billion revenue but struggles under debt burden
MUMBAI: Vodafone Idea (Vi) is ringing in revenue growth, but the static of debt remains loud. The telecom giant reported Rs 111.2 billion in revenue for Q3FY25, marking a 1.7 per cent sequential increase, and clocked its highest quarterly cash EBITDA of Rs 24.5 billion since the Vodafone-Idea merger. However, despite operational improvements, Vi remains in the red, posting a net loss of Rs 66.1 billion.
The company’s average revenue per user (ARPU) rose to Rs 173, reflecting a 4.7 per cent QoQ jump, largely driven by tariff hikes and customer upgrades. But its financial burden remains steep. Bank debt stands at Rs 23.3 billion, while spectrum and AGR dues total a staggering Rs 2.27 trillion, payable over two decades.
Vi is pushing forward with a massive capex plan, spending Rs 53.3 billion in the first nine months of FY25, with a full-year target of Rs 100 billion. The company added 4,000 broadband towers, its highest in a single quarter since the merger, and expanded 4G coverage to 41 million more users, reaching 1.07 billion people.
A phased 5G rollout is now officially in motion, with Mumbai set to go live by March 2025, followed by Delhi, Bengaluru, Chandigarh, and Patna in April. The telco is banking on this expansion to sharpen its competitive edge.
To keep its balance sheet in check, Vi has secured Rs 19.1 billion in fresh equity capital from its promoter group, pushing its total equity infusion to Rs 260 billion in the last 10 months. The company also received a bank guarantee waiver on spectrum payments, offering temporary relief.
Vodafone Idea is also in the middle of another fresh financial hurdle as the Department of Telecommunications (DoT) has demanded a Rs 6,090 crore bank guarantee by March 10 to cover spectrum obligations since 2015, offering an alternative cash payment of Rs 5,493 crore. The telco must choose one of these options and comply with the telecom department’s requirements, adding to its existing financial woes amid intense industry competition. This development comes as a major setback for Vi, which is already grappling with Rs 2.27 trillion in spectrum and AGR dues. However, some relief arrived in January when the Supreme Court upheld the Bombay High Court’s November 2023 decision granting Vi a Rs 1,600 crore tax refund, providing a temporary financial cushion as the telco continues its struggle to stabilise operations.
While Vi is making strides in revenue and expansion, the question remains, can it dial up a full-fledged recovery, or will the weight of its debt drop the call?
iWorld
Tips Music CEO Hari Nair to step down
Girish Taurani and Sushant Dalmia to jointly steer the company as the hunt for a new chief begins
MUMBAI: A leadership shuffle is under way at Tips Music. Hari Nair, the company’s chief executive, will step down on April 30 as the music label begins the search for a successor.
The company said Girish Taurani, executive director, and Sushant Dalmia, chief financial officer, will jointly oversee operations during the transition while the board identifies a permanent replacement.
Nair joined Tips Music in 2023 and set about reshaping the veteran music label into a more digital, data-led enterprise. During his tenure, the company secured licensing and partnership deals with global platforms including Sony Music Publishing and TikTok, while renewing agreements with Warner Music Group.
Drawing on earlier experience in technology and entertainment, including a stint at ByteDance, Nair pushed the organisation towards a performance-driven culture. He built a brand partnerships division and introduced proprietary software systems aimed at strengthening digital distribution and data capabilities.
Kumar Taurani, chairman and managing director, credited Nair with embedding a data-led culture within the company and driving revenue growth in line with shareholder commitments.
In his resignation note, Nair said that after helping transition the label into a modern, digitally focused and process-driven organisation, the time had come to pursue his next leadership challenge.
The leadership change comes as the broader Tips Films group shows signs of financial stabilisation. In the third quarter of FY26 the company reported a net loss of Rs 2.86 crore, narrowing sharply from Rs 14.2 crore in the previous quarter. For the nine months ended December, losses stood at Rs 12.37 crore.
Yet revenue told a more volatile story. Income from operations slid to Rs 4 crore in Q3 FY26 from Rs 56 crore in the preceding quarter, taking total operating income to Rs 4.56 crore.
For a company built on a catalogue of more than 34,000 tracks and decades of Bollywood hits, the next chief will inherit both a digital engine and a volatile music market. The playlist may be familiar, but the next act at Tips Music is only just beginning.
