Bharti Airtel Q1 loss widens to Rs 15,933 crore
Telecom operator Bharti Airtel on Wednesday reported substantial widening of losses to Rs 15,933 crore for June quarter, mainly on account of provisioning for statutory dues. The loss for the corresponding period last year stood at Rs 2,866 crore.
The revenue for Q1 FY21 came in at Rs 23,939 crore, up 15.4 per cent from year-ago period.
The consolidated net loss before exceptional items for the quarter stood at Rs 436 crore, an Airtel statement said, adding that consolidated net loss after exceptional items stands at Rs 15,933 crore.
The company noted that the Supreme Court has reserved its order on the issue of period over which AGR (Adjusted Gross Revenue) payments could be made.
"Consequently, without prejudice and on prudence, during the quarter ended June 30, 2020 the Group has further recorded an incremental provision of Rs 107,444 million.
"...to give effect of the differential amount between DoT demand along with provision for subsequent periods for which demands have not been received computed based on the terms of the license agreement, court judgment and the guidelines / clarifications and AGR provision, which has been presented as exceptional item," the statement said.
