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Vodafone Idea Limited Annual Report 2018

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Vodafone Idea Limited Annual Report 2018 CMYK CMYK VODAFONE IDEA LIMITED ANNUAL REPORT 2018 - 2019 Vodafone Idea Limited (formerly Idea Cellular Limited) Suman Tower, Plot No. 18, Sector - 11, Gandhinagar - 382 011, Gujarat www.vodafoneidea.com Press Thomson The Chairman’s Letter to Shareholders Dear Shareholder, Global Economy: The global economy recorded a healthy growth of 3.6% in 2018. During the second half of the year, however, the global economy lost some momentum, mainly on account of the increased trade frictions between the US and China, and the tightening of financial conditions. International Monetary Fund (IMF) expects growth to decelerate to 3.3% in 2019 and its projections suggest that all three major engines of the global economy, viz. US, China and Euro area are likely to decelerate in 2019. On the positive side, however, IMF expects world economic output to recover and grow at 3.6% in 2020. Of late, there have been a few growth-supportive factors such as the announcement of economic stimulus in China and halt to the process of monetary policy tightening in developed countries. But the business sentiment has become somewhat clouded with challenges arising from the apparent setback to the US-China trade talks, the spread Macroeconomic of trade frictions to technology sectors and the increased stability indicators intermingling of economic policies. These challenges signal broadly maintained that global commodity prices could be under pressure. their health. Low Indian Economy: inflation has created Indian economy exhibited mixed record in the just the space for monetary concluded fiscal. GDP growth slowed from 7.2% in FY18 policy easing, which to 6.8% in FY19. Sub-par rainfall in 2018, tight financial conditions faced by the non-banking financial sector and will also help support moderation of external demand were the key challenges growth revival. faced by the economy. Consumption growth declined during the second half of the year, but there were some signs of revival in the investment cycle, as the rate of gross fixed capital formation improved from 31.4% of GDP in FY18 to 32.3% in FY19. Macroeconomic stability indicators broadly maintained their health. Low inflation has created the space for monetary policy easing, which will also help support growth revival. The fiscal deficit target for FY19 was adhered to, despite a shortfall in tax revenues. While the current account deficit was high at 2.6% of GDP during the first three quarters of FY19, the softness in international oil prices portends its narrowing in the coming quarters. Following the resounding political mandate for the ruling Government, expectations of further economic reforms and impetus to large infrastructure investments have been reinforced. These are reflected in strong inflows in the capital market, taking equity indices to record levels in the weeks following the general elections. India’s medium-term growth prospects continue to be robust. Significant reforms undertaken in the recent years such as GST and insolvency code would raise India’s growth potential in the coming years, amplifying the effect of the long-term structural cornerstones of the Indian growth story such as demography and urbanization. In the near-term, however, uncertainty over the forthcoming monsoon season and the heightened global risks present headwinds for FY20. Accordingly, the outlook for the Indian economy in FY20 is one of cautious optimism at this juncture. Your Company’s Performance Effective August 31, 2018, Vodafone India Ltd. merged with your company leading to the creation of Vodafone Idea Limited, a partnership between two strong promoters Aditya Birla Group and Vodafone Group. Your Company is now one of India’s leading telecommunications company offering voice, data, enterprise services and several other value added services Your Company is now (“VAS”), including short messaging services, digital one of India’s leading services, content, and enterprise solutions. Your Company telecommunications not only has the highest subscriber market share of 33.7% company offering with 333.6 million active subscribers as of May 31, 2019, it is also the market leader in the growing enterprise voice, data, enterprise segment services such as IoT. services and several The Indian telecom operators continue to operate in other value added tough market conditions as competitive pressures forced services (“VAS”), operators to offer pricing plans, which are the cheapest including short in the world. This, coupled with massive investment messaging services, requirements for expansion of broadband coverage and capacity has significantly worsened the existing financial digital services, stress in the Indian telecom sector overall and further content, and undermined the position of all operators. Hence, pricing enterprise solutions. revival is now imperative for the long term sector health. While the operating challenges remain, the consolidation Your Company has in the industry has resulted in the creation of three large also successfully private and one public sector operator who are poised closed, India’s largest to benefit from the long term sector opportunities rights issue offering with rising broadband penetration and ever-increasing data demand. Your Company with its largest spectrum of Rs. 25,000 crores portfolio, a nationwide network of sites and optical fiber, with strong demand wide distribution reach and strong customer affinity for its from existing and two brands - Vodafone and Idea, is very well positioned new shareholders. to be successful in this new, consolidated marketplace. Your company is focused on accelerated integration of erstwhile entities with a very clearly defined strategy, having no dependencies on external factors. The outcome of exhaustive planning is a well-defined five-pillar strategy – (i) accelerated execution integration (ii) prioritizing investment in profitable areas, (iii) driving ARPU up with simplification and upselling, (iv) focus on partnerships to drive value and (v) strengthening the balance sheet. This forms the blueprint basis which several strategic initiatives have been undertaken to improve revenue, profitability and competitive position in the marketplace. Within just seven months of the merger, your Company has already achieved several milestones, well ahead of the expected timeline and is on track to deliver the guided synergies envisaged at the time of the merger. Your Company has also successfully closed, India’s largest rights issue offering of Rs. 25,000 crores with strong demand from existing and new shareholders. Outlook With industry consolidation now over, we believe that all existing operators are well placed to benefit from the several opportunities ahead. Customer needs continue to evolve with higher demand and consumption of both voice and data. India’s young population is spearheading this growth via increasing social media usage and consumption of content, through both video and audio apps. Further, rural penetration is still at a relatively low level of 57.1%, indicating nearly 300-400 million Indians are yet to adopt mobile services and join the ongoing digital revolution. In the enterprise domain, the rapid adoption of new- age technologies – IoT, Cloud, Artificial Intelligence etc. are opening a new world of opportunities for telecom operators. Likewise, the Government’s thrust on Digitalization via strategic programs such as Digital India, Smart City and Bharat Net require robust nationwide broadband connectivity for seamless delivery and execution, enhancing prospects of the telecom sector Your Company overall. continues to focus Your Company continues to focus on diligent execution on diligent execution of its stated strategy to optimize the opportunities ahead. With its strong spectrum portfolio, nationwide of its stated strategy network footprint, aggressive broadband investments to optimize the and complementary brands – Vodafone and Idea, your opportunities ahead. company is well placed to benefit from these trends. Yours sincerely, Kumar Mangalam Birla Contents 2 Board of Directors 3 Corporate Information 7 Directors’ Report 51 Management Discussion and Analysis Report 69 Corporate Governance Report 94 Business Responsibility Report Standalone Financial Statements 113 Independent Auditor’s Report 126 Balance Sheet 128 Statement of Profit and Loss 129 Statement of Changes in Equity 131 Statement of Cash Flows 134 Notes forming part of the Financial Statements Consolidated Financial Statements 193 Independent Auditor’s Report on Consolidated Financial Statements 200 Consolidated Balance Sheet 202 Consolidated Statement of Profit and Loss 203 Consolidated Statement of Changes in Equity 205 Statement of Consolidated Cash Flows 208 Notes forming part of the Consolidated Financial Statements 1 Board of Directors Mr. Arun Adhikari Mr. Arun Thiagarajan Mr. Ashwani Windlass Independent Director Independent Director Independent Director (w.e.f. August 31, 2018) (w.e.f. August 31, 2018) Mr. D. Bhattacharya Mr. Himanshu Kapania Mr. Krishnan Ramachandran Non-Executive Director Non-Executive Director Independent Director (w.e.f. August 31, 2018) (Managing Director upto (w.e.f. December 27, 2018) August 31, 2018) Mr. Kumar Mangalam Birla Ms. Neena Gupta Mr. Ravinder Takkar Mr. Suresh Vaswani Non-Executive Chairman Independent Director Non-Executive Director Independent Director (w.e.f. September 17, 2018) (w.e.f. August 31, 2018) (w.e.f. February 8, 2019) Mr. Thomas Reisten Mr. Vivek Badrinath Non-Executive Director Non-Executive Director (w.e.f.
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