Vodafone Idea Appoints Murthy GVAS As Interim Chief Financial Officer
Murthy GVAS is currently working as executive vice president of financial controller and taxation head. He has an overall 32 years of experience and out of which 25 years in the telecom sector
Telecom firm Vodafone Idea (Vi) on Tuesday appointed Murthy GVAS as its interim chief financial officer (CFO). Vodafone Idea’s board of directors in a meeting approved the appointment of Murthy GVAS with effect from February 15.
Vodafone Idea in an exchange filing said, “The Board of Directors of the Company at its meeting held today, has approved the appointment of Murthy GVAS, currently designated as Executive Vice President – Financial Controller and Taxation Head, as the Interim Chief Financial Officer and Key Managerial Personnel of the Company, with effect from February 15, 2023.”
Murthy GVAS is currently working as executive vice president of financial controller and taxation head. He has an overall 32 years of experience and out of which 25 years in the telecom sector. He is a qualified Chartered Accountant.
Murthy has worked across various roles in circles and corporate Finance. He has expertise in finance operations, consolidation, compliances, taxation, systems integration, mergers, and acquisitions and brings deep knowledge of the business. He is well-versed in the key business drivers, challenges, and strategies. Before joining Vodafone in 2000, Murthy worked at Tata Steel for 6 years.
Vodafone Idea (Vi) on Tuesday also reported a net loss of Rs 7,990 crore in the third quarter of FY23, up 10 per cent compared to a net loss of Rs 7,230 crore in the same period last year. This was mainly due to a rise in operating expenses and finance costs. The gross revenue in Q3 increased by 9.2 per cent year on year to Rs 10,620 crore.
However, the firm’s average revenue per user (ARPU) improved 17.4 percent on a year-over-year to Rs 135.
The company reported that it has lost 5.8 million subscribers sequentially and its user base stood at 228.6 million at the end of the second quarter. Teleco said, “The 4G subscriber base continued to grow and with 1 million 4G customers added in Q3, 4G subscriber base now stands at 121.6 million, though the overall subscriber base declined to 228.6 million vs 234.4 million in Q2 of FY23.”
In a statement, Vi’s chief executive officer Akshaya Moondra said the company is engaged with lenders for further debt raising and other parties for equity and equity-linked fund raising to make required investments for network expansion and 5G rollout.
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