New delhi, Feb 20 (TIWN) Vodafone Idea's situation remains extremely precarious given its net debt/EBITDA of 20 times, analyst firm Citi has said in a report.

The company has admitted that its ability to continue as a going concern remains at risk in the absence of relief on its over $6 billion AGR liability. While some green shoots were visible in 3Q ( 2 per cent qoq revenue growth, 4G sub adds accelerated, tariff hike benefits to be visible from 4Q), this could come to naught without any relief.

The company has, for now, announced that it intends to make a part-payment towards its dues shortly (quantum still being assessed), the report said.

The deleveraging depends on Relief on the company's AGR liability, either in terms of quantum or in payment terms, further relief measures from the government which could reduce levies and improve the balance sheet and cash flows and better than expected execution on synergy extraction and better than expected pace of 4G subscriber additions.

The risks Vodaofne Idea currently faces are that the company being made to bear the entire AGR liability, depressed India mobile revenues resulting from competitive intensity worsening and increase in subscriber churn and lower than expected pace of 4G subscriber additions.