Bharti Airtel losses narrow to Rs 763 cr in Sept quarter
Telecom operator Bharti Airtel on Tuesday reported substantial narrowing of losses for the second quarter ended September 2020 at Rs 763 crore.
The losses were significantly lower than Q2FY20 when it stood at Rs 23,045 crore after the company had made provisions of Rs 28,450 crore in the immediate aftermath of the Supreme Court ruling on statutory dues.
The company posted revenues of Rs 25,785 crore for the September 2020 quarter, up 22 per cent over the corresponding period last year “with strong growth across the portfolio geographies and segments”, a company statement said.
The net loss (before exceptional items) for Q2 FY21 was at Rs 744 crore, while loss (after exceptional items) stood at Rs 763 crore.
In a statement, Gopal Vittal, MD and CEO, India and South Asia, said: “Despite being a seasonally weak quarter, we delivered a strong performance with revenue growing at 22 per cent year-on-year”.
The company stays committed to improving the profitability of the business, he asserted.
On Adjusted Gross Revenue (AGR) dues, the Airtel statement said the Group has made a representation to the government that it has already paid more than 10 per cent of the total dues as demanded by the Telecom Department and will ensure ongoing compliance with the Supreme Court’s orders.