Bharti Airtel's Q1 net income plunges 73% to Rs 97 crore due to intense competition in mobile services market
Consolidated income of Bharti Airtel declined by 8.6 percent to Rs 20,080 crore for the first quarter of this fiscal
New Delhi: Continuing to bleed for the ninth straight quarter, telecom major Bharti Airtel on Thursday reported a 73.5 percent drop in net income at Rs 97 crore for the three months to June due to intense competition in the mobile services market.
The company had registered a net profit of Rs 367 crore in the same period a year ago.
Consolidated income of the Sunil Bharti Mittal-led firm declined by 8.6 percent to Rs 20,080 crore for the first quarter of this fiscal from Rs 21,958 crore in corresponding period of 2017-18.
"Industry pricing continues to remain untenable. However, led by our successful bundles, content partnerships and handset upgrade programs, our mobile data traffic surged 355 percent on a YoY basis," the company's MD and CEO (India and South Asia) Gopal Vittal said in a statement.
India revenues during April-June 2018 period declined by 7 percent on year-on-year basis to Rs 14,930 crore, the company said.