A man leaves a Bharti Airtel store in New Delhi. Photo: Reuters
Bharti Airtel’s net profit for Q1 slumped 75% with a net profit of Rs 367 crore for the three months ended June. Net profit in the January-March quarter was nearly Rs 373 crore.
Revenue fell 14% to Rs 21,958 crore from a year earlier as data and voice rates fell.
Profit on a consolidated basis, which includes the company's Africa operations and its Indian satellite TV business among others, fell to 3.67 billion rupees ($57.01 million) in the three months to June 30, while revenue fell 14 percent to 219.58 billion rupees.
Reliance Jio, backed by India's richest man Mukesh Ambani, has shaken India's telecoms industry since it was launched a year ago by offering months of free services and sharply discounted plans, battering the fortunes of established rivals such as Bharti Airtel and Idea Cellular.
Other highlights of the announcement are:
Consolidated EBITDA at Rs 7,823 crore, down 18.4% Y-o-Y
Consolidated EBITDA margin at 35.6%, down 1.9% Y-o-Y
Africa EBITDA margin at 28.0%, up 8.1% Y-o-Y on an underlying basis
Net Income for the quarter at Rs 367 crore (Q4’17: Rs 373 crore) vs Rs