Vodafone Idea Ltd., India’s largest telecom firm by number of subscribers, reported a marginal increase in net loss of ₹5,005 crore for the December quarter compared to a loss of ₹4,974 crore in the immediately preceding quarter.

The loss was reported on 2.2% sequential fall in revenue to ₹11,760 crore. The company attributes the lower rate of decline in revenues, compared to the 7.1% fall in the September quarter, due to ‘good’ progress on its strategic actions to increase revenue. The December quarter results are the first full quarter results for Vodafone Idea post completion of the merger of Vodafone India and Idea Cellular on August 31, 2018.

The company lost over 35 million subscribers during the quarter as its subscriber based is reduced to 387.2 million during the quarter compared to 422.3 million subscribers in the second quarter of this fiscal.

Commenting on the results, Balesh Sharma, CEO Vodafone Idea limited, said: “We are progressing well on our stated strategy. The initiatives taken during the quarter started showing encouraging trends by the end of the quarter. We are moving faster than expected on integration, specifically on the network front, and we are well on track to deliver our synergy targets. We remain focussed on fortifying our position in key districts by expanding the coverage and capacity of our 4G network, and target a higher share of new 4G customers, while offering an enhanced network experience to our customers. The proceeds from the announced capital raise will put us in a strong position to achieve our strategic goals.”

Company’s gross debt as on December 31, 2018, stood ₹1,23, 660 crore, including deferred spectrum payment obligations due to the government of ₹91,480 crore.

The company has cash and cash equivalents of ₹8,900, resulting in net debt of ₹1,14, 760 crore.