Embed Code : SC rejects Vodafone, Airtel, Tata pleas for AGR dues waiver on interest
The Supreme Court on Monday dismissed petitions by Bharti Airtel, Vodafone Idea, and Tata Teleservices seeking waivers on interest, penalties, and interest on penalties related to adjusted gross revenue (AGR) dues.
A Bench of Justices JB Pardiwala and R Mahadevan described the petitions as "misconceived" and criticised the companies for approaching the court.
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'We are really shocked by these petitions which have come before us. It is not expected of a multinational company. We will dismiss it,' the Bench told senior advocate Mukul Rohatgi, who appeared for Vodafone.
The court also declined to intervene in the Centre's decision to support the telecom companies.
The ruling came a day after Vodafone Idea filed a plea seeking relief from AGR liabilities exceeding ₹45,000 crore, citing financial distress.
Networks as a discontinuing operation, valued at Rs 7.9 crore.
The Mumbai-headquartered company's revenue from operations rose marginally by 0.7 per cent year-on-year (YoY) to Rs 2,184.1 crore in Q4FY25. The modest growth was largely due to a sharp 24.56 per cent decline in advertising revenue, which fell to Rs 837.5 crore.
'Domestic advertising revenue declined by 27 per cent YoY for the quarter due to a slowdown in the macro advertising environment, postponement of the Zee Cine Awards, a busy sports calendar and a higher base in Q4FY24,' the company stated in its investor presentation.
In contrast, subscription revenue rose by around 4 per cent YoY to Rs 986.5 crore during the quarter, driven by both linear TV subscriptions and growth on ZEE5, the company's digital streaming platform.
ZEEL's other sales and services revenue—which includes the distribution business—tripled to Rs 360.1 crore in Q4FY25. The rise was attributed to a higher number of film releases and increased syndication revenue. In the quarter, 16 shows and movies were released, including four ZEE5 originals.
However, profit before interest, depreciation and tax (PBIDT) remained flat, dipping marginally by 0.1 per cent to Rs 98.2 crore for the quarter.
'There is not much meat left in us to cut,' a company executive said during the earnings call, referencing ZEEL's cost-cutting measures, particularly in its digital business, ZEE5. The executive added that future growth would now rely on increasing revenue as the scope for further cost reductions has been exhausted.
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