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Saturday
October 2017
10:58 PM IST
News Headlines
Alka Yagnik and Udit Narayan to get Lata Mangeshkar Award        Rahul asks Modi not to interfere in Tamil movie Mersal        Aadhaar linkage with bank accounts mandatory, says RBI        Pak firing claims one more life in Jammu and Kashmir        Don't invite me for Tipu Jayanti event: NDA Minister        Al Shifa hospital at Edappally to close down        Private security for Dileep: Police suspect violation of bail conditions        One killed in Ponkunnam accident        Debate on development impossible in Kerala, says Kummanam        Surendran challenges CM Pinarayi        Haryana singer Harshita Dahiya killed on her brother-in-law's order, say police        Smriti Irani hits back at Rahul over his tweet on Jay Shah, says person 'out on bail' is mocking court        After 12 years, CBI seeks govt nod to appeal against clean chit in Bofors case        Modi to visit Gujarat on Sunday, inaugurate slew of projects        Congress didn't allow me to redevelop Kedarnath after 2013 floods: PM Modi        Pollution killed 2.5 million people in India in 2015: study        Ranjit Kumar resigns as solicitor general        US-backed forces hail 'historic victory' over Islamic State in Raqqa        EXPAND Obama, Bush decry deep US divisions in Trump era        FIFA U-17 World Cup: Ghana Face Mali in All-African Quarterfinal        
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Business News
Jio effect: Bharti Airtel's profit drops
 
(New Delhi, July 25, 2017, PTI): The country's largest telecom company Bharti Airtel today posted 74.89 per cent plunge in consolidated net profit to Rs 367 crore for the June quarter of the current fiscal, hit hard by the disruptive pricing of newcomer Reliance Jio.

In contrast, its net income was Rs 1,462 crore in the April-June quarter of last fiscal, 2016-17.

Bharti's total revenue fell 14 per cent to Rs 21,958 crore in the first quarter of 2017-18, from Rs 25,546 crore in the year-ago period.

The earnings numbers came in after market hours.

"The pricing disruption in the Indian telecom market caused by the entry of a new operator continued with industry revenues declining over 15 per cent year-on-year, creating further stress on sector profitability, cash flows and leverage," Gopal Vittal, MD and CEO, India & South Asia, Bharti Airtel said in a statement.

The company appears to have controlled the quarter-on- quarter slide it had been experiencing since the entry of Reliance Jio in September 2016.

Bharti Airtel's net profit dipped marginally when compared sequentially to Rs 373.4 crore in the March quarter.

Incidentally, April-June is the first quarter of charged 4G services by the industry newcomer and rival Reliance Jio.


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KERALA NEWS
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INTERNATIONAL NEWS
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