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Airtel Q4 profit plunges 72% to Rs373.4 crore

LiveMint logoLiveMint 09-05-2017 Amrit Raj

New Delhi: Bharti Airtel Ltd on Tuesday posted a 72% decline in net profit for the fourth quarter as free services offered by new entrant Reliance Jio Infocomm Ltd until 31 March damaged business of India’s largest telecom services provider.

Net profit fell to Rs373.4 crore in the three months ended 31 March from Rs1,319.2 crore in the year-ago quarter, the company said. The company also missed analyst estimates. A Bloomberg poll of 15 analysts expected Airtel’s net profit at Rs542.5 crore.

This is second consecutive decline in profit at the country’s largest telecom company. In December quarter, its net profit had declined 55%.

Revenue declined by 12% to Rs21,934.6 crore in the period. Earnings before interest, tax, depreciation and amortisation—an indicator of operating profitability—declined to Rs7,992.8 crore from Rs9,188.1 crore a year ago.

The company posted such numbers even as it cut down on its capital expenditure to Rs3,808.2 crreo from Rs6,057.4 crore in the year ago period.

For the year ended 31 March, company’s net profit declined to Rs3,800 crore from Rs6,077 crore during the year ago period. Revenues declined, on year-on-year basis, went up 1.1% to Rs95,468 crore.

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