Vodafone Idea (Vi) reported another quarter of losses on Thursday. The operator also announced a top-level leadership change, with chief executive officer Akshaya Moondra completing his tenure. The company has named its current chief operating officer (COO) Abhijit Kishore as the new CEO, effective 19 August for three years.The move comes at a critical juncture for Vodafone Idea, which continues to grapple with mounting losses, huge government debt, stalled fund-raising efforts, and uncertain capex execution plans. “Mr Akshaya Moondra was appointed as Chief Executive Officer of the Company with effect from 19th August, 2022 for a term of three years. His tenure concludes on 18 August, 2025. Consequently he ceases to be the Chief Executive Officer of the Company,” the company said in an exchange filing. Kishore has been associated with the company since March 2015, and has held multiple senior leadership roles within the organization, both at circle operations and corporate levels, the company said.Read more: Airtel widens revenue lead as data hunger revs Q1 profitOn 2 April, Mint reported that the beleaguered telecom operator was scouting for a chief executive officer as incumbent Moondra’s term would expire in August. Vodafone Idea, India’s third largest-telecom operator, on Thursday reported its April-June earnings, with the numbers showing continued weak financial performance. The operator, however, witnessed its lowest subscriber decline since the Vodafone-Idea merger in 2018. For the June quarter, Vodafone India reported a net loss of ₹6,608 crore, higher than the ₹6,432 crore loss a year ago. The hit was, however, less than Bloomberg’s estimate of a ₹6,853 crore loss for the quarter.The increase in losses can be attributed to higher expenses, especially depreciation and amortization cost and finance costs, which include interest payments on debt and other liabilities. Finance costs, accounting for 54% of its revenue from operations, rose nearly 7% year-on-year (y-o-y) to ₹5,893 crore.On a sequential basis, the operator’s losses narrowed from ₹7,166 crore as the finance cost reduced 9%. Analysts at ICICI Securities in a note dated 8 July estimated that the bottomline of the company would be partially benefited sequentially from lower debt on conversion into equity by the government. In April, the company had allotted ₹36,950 crore worth of equity shares to the government, converting some of its spectrum dues into equity. The conversion gave the government a 49% stake in the telecom operator.The company’s revenue from operations rose nearly 5% y-o-y to ₹11,022.5 crore, just missing Bloomberg’s estimate of ₹11,153 crore. The improvement can be attributed to the company’s network expansion plans, increase in data consumption on the network and tariff hikes last year.On a sequential basis, the company’s revenue was flat compared to ₹11,013 crore in the preceding quarter.“The investments made over in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. 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Vi experiences increasing losses as Moondra’s tenure as CEO concludes.
