Bharti Airtel Slips Into Red; Posts Rs 5,237 Crore Loss For January-March Quarter

New Delhi: Telecom operator Bharti Airtel on Monday posted a consolidated loss of Rs 5,237 crore for the January-March quarter of 2019-20 fiscal mainly on account of provisions for statutory dues. The company had posted a profit of Rs 107.2 crore in the same period a year ago. Bharti Airtel registered consolidated revenue of Rs 23,722.7 crore during the reported quarter. The company had posted revenue of Rs 20,602.2 crore in the corresponding quarter of 2018-19. Also Read – Telecom Operators Repay AGR Dues in Part After SC Order, Bharti Airtel Worst Hit With Debt of Rs 10,000 cr

The company posted exceptional items totalling Rs 7,004 crore during the quarter ended on March 31, 2020, that comprises a charge on account of reassessment of regulatory cost. Also Read – Bharti Airtel CEO Gopal Vittal Wishes Vodafone Idea Stays to Ensure 3 Player Market

For the year ended on March 31, 2020, the company posted a net loss of Rs 32,183.2 crore and a revenue of Rs 87,539 crore. Also Read – Reliance Jio Goes Bharti Airtel Way, Launches Own Voice Over WiFi Service

For 2018-19, Bharti Airtel had reported a net profit of Rs 409.5 crore and revenue of Rs 80,780.2 crore.

Gopal Vittal, MD and CEO, India & South Asia, of Bharti Airtel said, “These are unprecedented times for everyone across the world as we battle the impact of COVID-19 and its consequent impact on livelihoods”.

He added that telecom has played an essential role in keeping the country going, and hoped that the government will implement the recommendations of the regulator and the intent of the New Telecom Policy and bring down the high levels of regulatory levies and taxes that the sector is subjected to.

Bharti Airtel said the company has undertaken a capex investment of Rs 25,359 crore on a consolidated basis during the year to ensure superior customer experience besides front-ending some investment to ensure seamless services during the ongoing pandemic.