Bharti Airtel Q2 profit plunges 77% on tariff wars involving Reliance Jio

Bharti Airtel

"Net debt excluding the deferred payment liabilities to the DoT and finance lease obligations has increased by ₹2,554 crore sequentially in the quarter".

Airtel has warned that financial stress in the industry "continues" and will be "further accentuated" by cut in call connect charges in the next quarter (October-December).

He added that this would eventually force operator consolidation and exits as witnessed in the recent past.

Separately, Bharti Infratel on Monday reported a 17 percent drop in second-quarter profit to 6.38 billion rupees, missing analysts' estimate of 7.41 billion rupees.

The telecom operator's consolidated revenues for the reporting quarter, at Rs 21,777 crore, represented a year-on-year drop of 10.4 per cent on an underlying basis when adjusted for Africa and Bangladesh divested operating units and tower asset sale.

Meanwhile, India revenues for Q2'18 at Rs 16,728 crore have declined by 13.0 percent Y-o-Y primarily led by the mobile drop of 16.8 percent Y-o-Y.

The company said it had "stepped up" the capex investments in the quarter on the back of data coverage and capacity. Mobile broadband customers jumped 33.6 per cent to 55.2 million from 41.3 million in the corresponding quarter past year.

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The company has reported net sales of Rs.2183.22 crores during the period ended September 30, 2017 as compared to Rs.2467.15 crores during the period ended September 30, 2016.

Bharti Airtel's net interest costs increased to Rs 1,905 crore compared to Rs 1,603 crore in the same quarter previous year on account of lower investment income.

India ARPU for voice and data combined fell 6.3% on quarter to its Rs 145, its lowest ever. "Total MBs on the network saw a whopping 65.9 percent increase quarter-on-quarter at 783.8 billion minutes and data usage per customer for the quarter stood at 4,087 MB, higher by 56.5 percent QoQ", Bharti said. The telco had over 383.5 million customers across India, South Asia and 15 countries in Africa at the end of September, across its mobile, enterprise, home broadband and DTH businesses.

Shares of Bharti Airtel ended 0.98% higher in Mumbai trading before the release of the earnings, while the benchmark S&P BSE Sensex closed 0.2% lower.

The margin of earnings before interest, tax, depreciation and amortisation expanded to 36.8% from 35.6% in the previous quarter, as the company controlled operational expenses.

The company said its consolidated net debt has increased to Rs 91,480 crore from Rs 87,840 crore in the previous quarter. Foreign exchange and derivative loss for the quarter was Rs 422 crore compared to loss of Rs 302 crore in the corresponding quarter past year.

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