Bharti Airtel profit sinks 74% YoY to Rs 97 crore

New Delhi : Close source associated with Bharti Airtel Limited reported that there is a 73.51 per cent fall in net profit at Rs 97.30 crore for quarter ended June. The telecom service company major had earned profit of Rs 367.30 crore in the corresponding quarter last year. 

Business analysts have predicted a net loss of Rs 479 crore for the quarter. 

Combined revenue of the company sloped down to Rs 20,080 crore during the quarter under review as against Rs 21,958.10 crore in the corresponding quarter last year. 

On individual basis, the company suffered a net loss of Rs 1,457.20 crore in Q1FY19 over profit of Rs 280.60 crore in Q1FY18. 

In short, the telecom major witnessed an exceptional loss of Rs 362 crore during the quarter under review. Consolidated margins came in at 33.50 per cent against 35.80 per cent on a QoQ basis. 

Consolidated mobile data traffic at 2,236 billion MBs in the quarter has registered a powerful YoY growth of 328 per cent. 

In an official statement, Gopal Vittal, MD and CEO, India & South Asia, said, “Our investments have led to some opex headwinds in this quarter, but we remain focused on structural cost containment through our War on Waste program. With consolidation largely done, the secular opportunity of the Indian telecom market continues to excite us and we remain committed to offer best-in-class services to all consumers.”