Airtel posts Q1 net loss of ₹2866 crore, first quarterly loss in 14 years

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Consolidated revenue from operations grew 4.7% year-on-year to ₹20,738 crore in the June quarter

Revenue from India wireless business grew 4.1% year-on-year to ₹10,724 crore

New Delhi: Bharti Airtel Ltd on Thursday posted a consolidated net loss of ₹2,866 crore in the first quarter of the current financial year, against a net profit of ₹97 crore a year ago, due to its tariff war with Reliance Jio. This is the first quarterly loss for the company in 14 years.

The results underscore the sustained struggle of Bharti Airtel and other telecom operators in India to grow profits despite recording higher data and voice consumption.

Bharti Airtel’s consolidated revenue from operations grew 4.7% year-on-year to ₹20,738 crore in the June quarter, against the year-ago period.

Revenue from India wireless business grew 4.1% year-on-year to ₹10,724 crore.

In comparison, Reliance Jio generated ₹11,679 crore in operating revenue in the June quarter, beating Bharti Airtel on this metric. Last week, Jio, for the first time, surpassed Vodafone Idea Ltd, which posted a revenue of ₹11,269.9 crore, despite having more subscribers than Jio.

Mukesh Ambani-led Reliance Jio is now the number one telecom operator in terms of revenue.

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