Bharti Airtel’s fiscal fourth quarter net profit plunged 71.7% and revenue fell 8.8% on-year on underlying basis as India’s largest telecommunication services company’s aggressive tariff offers to counter relentless competition from Reliance Jio hurt earnings. The ongoing tariff war in the telecommunication sector led to a sharp fall in the money earned per customer.
“The sustained predatory pricing by the new operator has led to a decline in revenue growth for the second quarter in a row. The telecom industry as a whole also witnessed a revenue decline for the first time ever on a full year basis.,” Bharti Airtel’s India and South Asia MD and CEO Gopal Vittal said in statement, in an obvious reference to Reliance Jio.
Here are the key figures from Bharti Airtel’s fourth quarter results for the last financial year 2016-17: