Bharti Airtel's shocking Q1 result: Profit slumps 74% to Rs 973 million


India's Bharti Airtel Ltd posted a surprise first-quarter profit on Thursday, helped by tax gains in the period.

Profit fell 73.5 per cent to Rs 973 million ($14.17 million) for the quarter ended June 30, as a pricing war that has upended the telecoms sector continued to weigh on the mobile carrier.

The company had reported a profit of Rs 3.67 billion a year earlier.

Analysts, on average, expected a net loss of Rs 3.08 billion, according to estimates by Thomson Reuters.

Revenue fell about 9 per cent to Rs 200.80 billion, the company said in a statement.