Vodafone Idea to host investor call on Monday, September 23; key details  

Vodafone Idea on Friday said it would host a conference call with its senior management on Monday, September 23. The analyst or investor update call will take place from 2.30 PM to 3 PM Indian Standard Time and is expected to provide an update on what the telecom operator is up to following the Supreme Court (SC) setback.

The SC last week dismissed the requests by telecom operators for re-computation of AGR dues. The curative petition — filed by Vodafone Idea had sought a reconsideration of the 2019 judgment on AGR dues. Vodafone Idea had earlier reported an AGR liability of Rs 70,300 crore, which included accumulated interest. Its self-assessed AGR liability was 50 per cent lower at Rs 35,400 crore.

On Friday Vodafone Idea informed stock exchanges BSE and NSE that Chief Executive Officer Akshaya Moondra, Chief Financial Officer Murthy GVAS and the senior management team will participate in the conference call.

Despite the recent equity fund-raise, Vodafone Idea's long-term sustainability is still contingent on significant favourable government support in form of extension of moratorium and/or partial equity conversion of government dues and sharp tariff hikes, JM Financial said.

Shares of Vodafone Idea Ltd got stabilised on Friday, rising 1.45 per cent to Rs 10.53, following a 20 per cent slide in the previous session, after host of brokerages said the stock may be factoring in the AGR setback.

The unfavourable SC verdict came as a big setback to VIL but the sharp 20 per cent stock correction, more or less captured the value of the incremental liability, over and above what the Street was expecting, Nuvama Institutional Equities said in a note.

"Hereafter, the focus shall shift to VIL’s progress on key operational parameters – pace of subscriber loss, tariff hike impact and capex velocity," it said.

In a filing to BSE, Vodafone Idea said it "will host a conference call with its senior management on Monday, September 23, 2024 from 02.30 PM to 03.00 PM, Indian Standard Time to provide an update on the recent developments. The participants from the Company for the conference call will be Mr. Akshaya Moondra, Chief Executive Officer and Mr. Murthy GVAS, Chief Financial Officer supported by the senior management team," it said.

Nomura India said the worst is now behind for Vodafone Idea following the conclusion of the overhang, and the sharp decline in recent weeks offers an opportunity to buy the stock. This brokerage suggested a 'Buy' on the stock against 'Neutral' earlier, with an unchanged target price of Rs 15.