Ravinder Takkar is the Non-Executive Chairman of the Company. He holds a bachelor’s degree in science from Loyola Marymount University, USA. Prior to his current role as the Non-Executive Chairman of the Company, he served as the managing director and chief executive officer until August 18, 2022. He also serves as a director on the boards of Indus Towers Limited and Cable and Wireless Global (India) Private Limited. Anjani Kumar Agrawal is an Independent Director of the Company. He is a qualified chartered accountant and is an alumni of INSEAD and Cambridge Institute for Sustainability Leadership. He has also worked with NITI Aayog on the Strategy for New India @ 75 policy. He is a fellow member of the Institute of Directors, India and also serves as a director on the boards of Firstsource Solutions Limited, Emami Limited, Aditya Birla Sunlife Trustee Private Limited, Welspun Corp Limited, Evonith Value Steel Limited and Evonith Metallics Limited. Arun Kumar Adhikari is an Independent Director of the Company. He holds a bachelor’s degree in technology (chemical engineering) from the Indian Institute of Technology, Kanpur and a post-graduate diploma in management from the Indian Institute of Management, Calcutta. He has also completed the Wharton Advanced Management Program from the Wharton School, University of Pennsylvania. He has previously worked with Hindustan Lever Limited (now Hindustan Unilever Limited), wherein, he also carried out an international assignment with Unilever Asia Amet, Singapore. He has worked as an external advisor with McKinsey and Company. He currently serves on the board of various companies, including Aditya Birla Fashion and Retail Limited, Ultratech Cement Limited, Voltas Limited and Aditya Birla Sun Life Insurance Company Limited.

Name of the Company	Revenue (In Crore)	PAT (In Crore)	EPS ( in Rs)	P/E	CMP	Mcap (In Crore)
Vodafone Idea Limited	42,177	-29,301	-4.40	-2.5	11	73,132
Bharti Airtel Limited	139,145	12,287	14.97	63.5	1,224	7,24,563
Bharti Hexacom Limited	6,579	549	21.97	58.0	810	30,581

* All the data is as per FY23.

Review and Recommendation of Vodafone Idea by team IZ is 4/10. 1. Vodafone Idea Limited is recognized as the third largest telecommunications service provider in India based on their extensive subscriber base and globally, as the sixth largest cellular operator in terms of subscribers within a single-country operation, according to the GSMA Intelligence Database. 2. Service Offerings and Technologies Their comprehensive pan-India network allows them to offer a wide array of services including voice, data, enterprise solutions, and various value-added services (VAS). These encompass short messaging services (SMS) and a suite of digital services operating across mature and advanced technological platforms such as 2G, 3G, and 4G. Moreover, they provide specialized connectivity services to their enterprise clients. 3. Sales and Distribution Network Their distribution network is a cornerstone of their growth strategy. It includes over 10,000 distributors and hundreds of thousands of retail outlets spread across India. This network plays a pivotal role in maintaining their market presence and ensuring customer satisfaction through accessible service and support. 4. Strategic Alliances Their promoters include prestigious groups such as the Aditya Birla Group and the Vodafone Group, adding significant credibility and resource backing. The Aditya Birla Group operates in over 40 countries and the Vodafone Group offers mobile and fixed services to more than 300 million customers across Europe and Africa. 5. Spectrum and Infrastructure Their total spectrum holdings amount to 8,005.2 MHz, with a significant portion allocated to advanced technologies like 5G. They operate around 183,400 unique tower locations and maintain a robust infrastructure that supports extensive broadband and VoLTE services. 6. Coverage and Capacity Their network covers over 1.2 billion people and reaches into nearly half a million towns and villages across India, ensuring broad demographic and geographic service availability. 7. Risk Management They employ a rigorous credit risk management system, especially for their post-paid customers, to minimize defaults and maintain financial stability. This system includes detailed subscriber profiling, credit checks, and proactive fraud prevention strategies. 8. The Revenue has Increased from Rs.41,952 Crores in FY21 to Rs.42,177 Crores in FY23. 9. The EBITDA has Increased from 17,120 Crores in FY21 to 17,128 Crores in FY23. 10. The PAT has Decreased from (-44233) Crores in FY21 to (-29301) Crores in FY23. 11. As per FY23, CFO/EBITDA is 0.98, As per FY24, EPS is -4.72, 12. Market Capitalization is 73,132 Crore & P/E is -2.32x based on FY24.

Vodafone Idea Limited Suman Tower, Plot No. 18 Sector 11, Gandhinagar-382011 Phone: +91 98246 34997 Email: shs@vodafoneidea.com Website: http://www.myvi.in/