• Thursday, December 01, 2022

Business

Vodafone trims outlook on India woes

Shares in Vodafone Idea, which said it would be hardest hit by the ruling, fell 23 per cent on Mumbai’s Sensex Index exchange after the court’s announcement.

By: Eastern Eye Staff

British telecoms giant Vodafone said on Thursday that annual earnings would be at the low end of forecasts due to difficulties in India, but was bullish over its performance in Europe and Africa. Vodafone said in a statement that underlying profit—as measured by earnings before interest, taxes, depreciation and amortization (EBITDA)—would be toward the bottom of its prior guidance of between 15.7-16.1 billion euros (around $17 billion). “We anticipate intense competitive pressure in India in the fourth quarter and are taking a series of commercial actions,” including expansion of fourth-generation network technology, said chief executive Vittorio Colao. He added: “Our…

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