Bharti Airtel posts Rs 1,035 cr loss in Q3 FY20

Telecom operator Bharti Airtel on Tuesday posted a consolidated loss of Rs 1,035 crore for the third quarter ended December 31, 2019. The company had recorded a profit of Rs 86 crore a year ago. The company's revenue, however, increased by 8.5 per cent to Rs 21,947 crore for December quarter compared to Rs 20,231 crore in the same period last year."While tariff revision undertaken in December 2019 is a welcome step towards repairing the financial health of the industry, we believe tariffs must go up further for enabling the industry to invest in emerging technologies," Gopal Vittal, MD and CEO, India & South Asia, Bharti Airtel said in a statement.

Highest ever net loss

Bharti Airtel India revenue rose seven per cent to 15,797 crore, compared to the same period of 2018-19. For the second quarter ended September 2019, Bharti Airtel had posted its highest ever net loss of 23,045 crore after provisioning of Rs 28,450 crore on account of the Supreme Court ruling on statutory dues.