Bharti Airtel had delayed Q2 earnings announcement for this reason

By: |
November 14, 2019 5:57 PM

After deferring the Q2 results until November 14, Bharti Airtel today announced its earnings, reporting a net loss of Rs 23,045 crore in the September quarter.

It is the second consolidated net loss for Sunil Bharti Mittal-led telecom major in 14 years after exceptional items, telecom major Bharti Airtel said in a regulatory filing.

After deferring the Q2 results until November 14, Bharti Airtel today announced its earnings, reporting a net loss of Rs 23,045 crore in the September quarter. It is the second consolidated net loss for Sunil Bharti Mittal-led telecom major in 14 years after exceptional items, telecom major Bharti Airtel said in a regulatory filing. In the last quarter, Bharti Airtel posted Rs 2,866 crore loss. The telco said that the apex court ruling on AGR has “significant financial implication on the company”. “The Company is hopeful of relief and in the absence of the same, has provided for an additional amount aggregating Rs 28,450 crore as a charge for the quarter with respect to the license fee as estimated based on the court judgement and spectrum usage charges (SUC) as estimated based on the definition of AGR,” Bharti Airtel said in a statement. The amount comprises principal of Rs 6,164 crore, interest of Rs 12,219 crore, penalty of Rs 3,760 crore, and interest on penalty of Rs 6,307 crore, it added.

“These provisions have been made without prejudice to the company’s right to contest DoT’s demands on facts as well as on rights available in law. Thus the liabilities / provisions as at September 30, 2019 aggregate Rs 34,260 crore comprising of principal of Rs 8,747 crore, interest of Rs 15,446 crore, penalty of Rs 3,760 crore and interest on penalty of Rs 6,307 crore,” it added.

Also read: Moody’s deals another blow to India: After rating shock, now cuts GDP forecast for this year

The consolidated revenue of Bharti Airtel was up by 4.7 per cent at Rs 21,199 crore in the last quarter of the fiscal year. The shares of Bharti Airtel fell 1.59 per cent to close at Rs 362.65 in today’s intraday trade.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Google accused of illegally spying on employees before terminating them
2Bank of India to acquire 49% stake each in BOI AXA Investment Managers, BOI AXA Trustee Services
3Long term recovery for Covid-hit MSMEs to be uneven; hinges on these sectors in 6-12 months ahead