02:03 pm - Saturday 18 November 2017

Quarterly profit of Airtel drops by 49 percent

By insightVAS - Thu May 02, 4:57 pm

Bharti Airtel has faced a drop in quarterly net profit. It fell nearly half to 5.1 billion rupees ($94.7 million). The company sited high taxes, as a reason behind the drop.

Airtel’s revenue for January-March final quarter of its fiscal year rose 9.2 percent from a year earlier to 205 billion rupees ($3.8 billion).

The company said it faced a tax increase of 1.3 billion rupees ($24.8 million) for the quarter over the previous year, cutting into profits.

The telecom operators, for a long time are involved in a price war and it has dented the earnings but the situation eased in the latest quarter.

Higher operating expenses also brought per-tax profit down by about a quarter.

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