Vodafone Idea (VIL)'s adjusted EBITDA (pre-Ind-AS 116) was up 6% QoQ to INR16.3b. Revenue edged up 1% QoQ (in-line) and ARPU improved 4%, offset by continued subscriber churn. With ballooned net debt of INR1,145b (incl. AGR liability) and meager INR17b quarterly EBITDA (3QFY21 pre-Ind-AS 116), we maintain VIL Under Review until there is further clarity on the liquidity situation improving. Financials & Valuations (INR b)...