Bharti Airtel net plummets 63% to Rs 283.5 crore
The sequential decline in the bottom line was largely on account of higher tax expenses of Rs 834.5 crore in the quarter compared to Rs 510.1 crore
Telecom major Bharti Airtel reported disappointing Q1FY22 numbers on Tuesday. Profit for the April-June quarter plummeted by 62.7% to Rs 283.5 crore compared to Rs 759 crore in the last quarter of the previous financial year (Q4FY21).
In the year-ago June quarter, Bharti Airtel had posted a massive loss of Rs 15,933 crore, owing to one-time provisioning for AGR dues.
The sequential decline in the bottom-line of the company was largely on account of higher tax expenses of Rs 834.5 crore in the quarter compared to Rs 510.1 crore in the previous period.
Revenue of the telco rose 4.2% to Rs 26,853 crore for the reporting quarter as against Rs 25,747 reported in Q4FY21.
“While our wireless revenue was impacted by the Covid lockdown induced slowdown in terms of device shipments and a financial squeeze at the lower end of the market, our overall performance reflected the resilience and strength of our portfolio,” Gopal Vittal, MD and CEO, Airtel India & South Asia, said in a statement.
In the June quarter, Bharti Airtel reported average revenue per user of Rs 146 per user per month as against Rs 145 reported in the previous quarter.
On the operational front, the company reported EBITDA (earnings before interest, tax, depreciation and amortisation) during the first quarter came in at Rs 13,189 crore, while margins improved to 49.1%. Shares of Bharti Airtel ended 2.34% higher at Rs. 578.4 on the National Stock Exchange.