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Showing posts with the label Airtel Q2 profit plunges 76.52% to Rs343 crore

Airtel Q2 profit plunges 76.52% to Rs343 crore

NEW DELHI: India's largest telecom company  Bharti Airtel on Tuesday posted sixth straight quarter of drop in earnings as its consolidated net profit plunged 76.5 per cent to Rs 343 crore for the September quarter, hit by the price war triggered by newcomer  Reliance Jio . Airtel  has warned that financial stress in the industry "continues" and will be "further accentuated" by cut in call connect charges in the next quarter (October-December). The September quarter net profit of the 2017-18 fiscal is the lowest since January-March 2013 for Bharti Airtel which like other established telcos has been engaged in a fierce tariff war with  Mukesh Ambani  controlled Reliance Jio, to wrest control of the market. The total revenue of Airtel -- which has operations in 17 countries across Asia and Africa -- fell 11.7 per cent to Rs 21,777 crore during the second quarter of the current fiscal, from Rs 24,651.50 crore in the year-ago period. The net profit was 6.5 per cen...