Three major companies have posted huge losses in the March quarter. Vodafone Idea, SpiceJet, and Coffee Day released their results yesterday. Vodafone's stock has fallen 11% today due to this loss.
Vodafone Idea said that it had a loss of Rs 7,023 crore between March quarter i.e. January to March. Its total revenue during this period has been Rs 9,607 crore. Its loss in the December quarter was Rs 4,540 crore while revenue was Rs 10,894 crore. In fact, the number of customers of the company is continuously decreasing and at the same time, it has also failed to raise funds. Last September, it had announced to raise Rs 25,000 crore.
Vodafone Idea has a net debt of Rs 1.79 lakh crore. Along with this, it also has to give AGR of Rs 60,960 crore to the Telecom Department i.e. Adjusted Gross Revenue in the next 10 years. It is the only telecom company in the country which is at a loss. Apart from this, two companies Reliance Jio and Bharti Airtel are in profit. Similarly, Coffee Day has incurred a loss of Rs 272 crore. Its revenue fell 69% to Rs 165 crore. Revenue in the same period a year ago was Rs 533 crore. Whereas a profit of Rs 554 crore was shown. The company's holding company Sikal Logistics has incurred a loss of Rs 151 crore.
The aviation sector's SpiceJet has incurred a loss of Rs 998 crore. With this, the company has also announced to raise Rs 2,500 crore. The company said that this fund will help strengthen our balance sheet. Let us tell you that the aviation sector has been hit the most due to Corona. International flights are still closed. While a limited number of flights are operating in India. Therefore aviation companies are incurring losses.
Jet Airways, which has been closed for years, has reported a loss of Rs 153 crore. He has told this loss of last year i.e. March 2020. Since the closure of the company, it has not released the result. In 2019-20, it had shown a loss of Rs 2,844 crore. At present, it has been bought by a group and it is expected that it can fly again in the next 6 months. The company's stock was trading down 5%.
