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.
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.
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.