Vodafone Idea reported its quarterly decrease although the figure was anticipated, as Vodafone merged its operations this past year.

The loss after tax was Rs. 5,000 crores ($699.49 million) from the quarter ended December 31, the business said in a declaration, thinner than analysts’ forecast for a reduction of Rs. 5,250 crores signaled by Refinitiv Eikon data.

Competition in India’s telecoms sector has ramped up because Reliance Jio Infocomm, possessed by Asia’s richest person Mukesh Ambani, entered the marketplace in 2016, resulting in enormous price cuts throughout the business.

That resulted in reduced average revenue per user (ARPU) and increasing debt. While Jio reported that a 65 percent jump in annual profit, rival Bharti Airtel submitted a 72 percent gain reduction.

The shake-up contributed to consolidation, together with London-based Vodafone consolidating its Indian operations with Idea Mobile this past year in a deal worth $23 billion.

Before this season, Vodafone Idea declared its intention to increase Rs. 25,000 crores via a share issue.

Revenue from operations in the third quarter has been Rs. 11,700 crores, although its average revenue per user (ARPU) arrived in at 89 rupees.

The telecoms firm said the amounts weren’t comparable with the preceding year due to the merger of last year.

Vodafone Idea closed 1.48 percent reduced while the wider Mumbai economy ended up 1.17 percent.

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