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Airtel Q1 profit falls 75% Rs367 crore

LiveMint logoLiveMint 25-07-2017 Jose Koilparambil

Bengaluru: Bharti Airtel Ltd, India’s top telecom operator, reported an almost 75% drop in quarterly profit as a price war sparked by an upstart carrier weighed on earnings.

Profit on a consolidated basis, which includes the company’s Africa operations and its Indian satellite TV business among others, fell to Rs367 crore ($57.01 million) in the three months to 30 June, while revenue fell 14% to Rs21,958 crore, Bharti Airtel said in a statement on Tuesday.

Analysts had expected a consolidated profit of Rs335 crore, according to Thomson Reuters data.

Reliance Jio, backed by India’s richest man Mukesh Ambani, has shaken India’s telecoms industry since it was launched a year ago by offering months of free services and sharply discounted plans, battering the fortunes of established rivals such as Bharti Airtel and Idea Cellular. Reuters

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