Wednesday, 10 May 2017

Bharti Airtel Q4 net profit slumps nearly 72% YoY, Jio free offers hurt

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Bharti Airtel BSE 3.53 % blamed “predatory pricing” by new entrant - Reliance Jio Infocomm for the nearly 72% on year slump in its fiscal fourth-quarter net profit, with both its voice and data suffering from the price war triggered by the Mukesh Ambani-owned telco’s free services. India’s No. 1 telco’s net profit of Rs 373 crore for the three months ended March — its smallest in four years —was sharply lower that the average estimate in an ET poll of analysts of about Rs 478 crore. 

Net profit in the October-December quarter was nearly Rs 504 crore. Revenue fell over 12% to Rs 21,935 crore from a year earlier as data and voice rates fell.

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