New Delhi, Jan 18: Leading telecommunications company Bharti Airtel on Thursday posted a loss in the net profit by 39 per cent in December 2017 quarter in comparison with last year. The company led by Sunil Bharti Mittal has posted a net profit of Rs 305.8 crore in comparison with Rs 504 crores in the last quarter. The company also showed a loss in the overall revenue which reduced by 13 per cent to Rs 20,319 crore. The company had earned Rs 23,336 crore in the corresponding period last financial year. Also Read - Tariff at Current Level Not Sustainable, it Will Increase, Says Airtel CEO
The company, in a statement, said the profit was severally affected after regulatory body TRAI introduced cuts in domestic IUC (Interconnection Usage Charges). “Regulatory fiat in the form of a cut in domestic IUC (Interconnection Usage Charges) rates has exacerbated the industry ARPU (Average Revenue Per User) decline in Q3 18,” Gopal Vittal, MD and CEO, India and South Asia, Bharti Airtel said in a statement. [Also read: Reliance Jio Records 21.8 Mbps 4G Download Speed in November: TRAI] Also Read - Airtel IQ: Airtel Enters Cloud Communications Market; Swiggy, Urban Company Among Early Customers
The company’s overall customer stood at 394.2 million across 16 countries, which was 9.2 per cent higher over the year-ago period. “India revenues for Q3 18 at Rs 15,294 crore have declined by 11.3 per cent year on year (15.1% on reported) on an underlying basis, adjusted for the impact in the reduction of domestic termination rates,” the company said. Also Read - AGR Case: Supreme Court Gives Telecom Operators 10 Years To Pay Pending Dues, 10% to Be Paid By March 31, 2021
The company s consolidated net debt rose to Rs 91,714 crore as against Rs 91,480 crore in the previous quarter.”The company’s Board has declared an interim dividend of Rs 2.84 per share, which is a complete pass through of dividend received from subsidiaries,” the statement added.
(With inputs from agencies)