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Shares of Vodafone Idea slipped over 6% in Thursday’s early trade after the telecom operator on Wednesday reported a consolidated loss of Rs 7,022.8 crore for the quarter ended March 2021. It had posted a loss of Rs 11,643.5 crore in the same period a year ago.

The scrip traded 6.23% lower at Rs 9.25 at around 9.35 am (IST). On the other hand, the benchmark BSE Sensex was down 21 points, or 0.04%, at 52,461 at around the same time.

The total income of the company declined by about 19% to Rs 9,647.8 crore from Rs 11,920.4 crore in the corresponding quarter of 2019-20. “We enter the financial year 2022 with a renewed focus on executing our strategy to keep our customers ahead, and our cost optimisation plan remains on track to deliver the targeted savings. We are in active discussion with potential investors for fundraising, to achieve our strategic intent,” Vodafone Idea MD and CEO Ravinder Takkar said in a statement.

The company attributed the decline in revenue to the abolishment of domestic interconnect usage charges with effect from January 1, 2021 and around 2.2% dip on account of lower number of days in the quarter.

For the year ended March 31, 2021, the company’s loss narrowed to Rs 44,233.1 crore from Rs 73,878.1 crore in 2019-20.

Consolidated total annual income declined by about 8% to Rs 42,126.4 crore from Rs 45,996.8 crore a year ago. The gross debt (excluding lease liabilities) as of March 31, 2021 stood at Rs 1,80,310 crore. This comprised deferred spectrum payment obligations of Rs 96,270 crore, AGR (adjusted gross revenue) liability of Rs 60,960 crore and debt from banks and financial institutions of Rs 23,080 crore.