Airtel logs $2 billion loss as it sets aside money for regulatory dues

BCCL
  • Bharti Airtel on Wednesday reported a consolidated net loss of Rs 15,933 crore for the April-June quarter, largely on the back of provisioning made for the AGR payment.
  • During the corresponding period of last fiscal, the company had reported a net loss of Rs 2,866 crore.
  • The company, however, reported a 15.4 per cent year-on-year increase in its revenue for operations at Rs 23,938.7 crore during the quarter ended June.
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Bharti Airtel on Wednesday reported a consolidated net loss of Rs 15,933 crore for the April-June quarter, largely on the back of provisioning made for the AGR payment.

During the corresponding period of last fiscal, the company had reported a net loss of Rs 2,866 crore.

The company, however, reported a 15.4 per cent year-on-year increase in its revenue for operations at Rs 23,938.7 crore during the quarter ended June.
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In a regulatory filing, the company said that the net exceptional charge of Rs 11,745.7 crore during the quarter ended June 30, 2020 comprises of a charge on account of incremental provision and interest on license fee and spectrum usage charges of Rs 10,744.4 crore and net charge pertaining to re-assessment of levies of Rs 1,001.3 crore.

"Net tax benefit due to the above exceptional items; net charge due to re-assessment of deferred tax assets and adoption of 'Vivad Se Vishwas Scheme 2020' above and deferred tax asset pertaining to one of the subsidiary recognised in this quarter, aggregating Rs 36,432 mn (Rs 3,643.2 crore) is included under tax expense (credit)," it said

"As a result, the overall net exceptional charge (after tax) is Rs 153,889 mn (Rs 15,388.9 crore).The net share allocated to non-controlling interests on the above exceptional items is Rs 1,080 mn (Rs 108 crore)," it added.
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