Bharti Airtel slips into red; posts Rs 5,237 cr loss for Jan-Mar
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.
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.
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.
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.