Bharti Airtel’s net loss widens to Rs15,933cr in Q1 hit
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Bharti Airtel has announced its financial performance for the quarter ending June 2020 (Q1FY21), where the telco’s consolidated net loss widened to Rs15,933.1cr compared to a loss of Rs2,866cr in the corresponding period of the previous year and loss of Rs5,237cr of the preceding quarter. Q1 net loss expanded due to exception items logged in profit and loss book.
According to Airtel, net loss before exceptional items for the quarter was Rs436.3cr as compared to a loss of Rs1,4,00.2cr in the corresponding quarter last year and loss of Rs 4,708 in the previous quarter. After accounting for a charge of Rs15,496.8cr towards exceptional items, the above-mentioned figures were recorded in Q1FY21.
Exceptional items in the period comprise of incremental provision and interest on license fee and spectrum usage charges totalling to Rs10,744.4cr; while net charge due to re-assessment of deferred tax assets and adoption of ‘Vivad Se Vishwas Scheme 2020’ along with deferred tax asset pertaining to one of the subsidiary aggregated to Rs3,643.2cr. Further, net charge pertaining to re-assessment of levies was at Rs1,001.3cr and net share allocated to non-controlling interests of Rs108cr was recorded.
Consolidated revenue during the period was at Rs23,938.7cr increasing by 15.4% compared to Rs20,737.9cr a year ago same period. Revenue from India business was stellar performer, as it stood at Rs17,589.5cr rising by 14.6% from Rs15,344.6cr same quarter a year ago.
Meantime, consolidated EBITDA grew to Rs10,639.2cr in the quarter under review, as against Rs8,492.6cr in the corresponding quarter last year representing a rise of 25.3%. EBITDA margin for the quarter was at 44.4% as compared to 41.0% in the corresponding quarter last year. India EBITDA margin in the latest quarter was at 44.3% as compared to 39.5% of Q1FY20.
As of June 2020, the company had 420M customers, an increase of 4% as compared to 404 Mn in the corresponding quarter last year. Total minutes of usage on the network during the quarter were 903B representing a growth of 12.4% as compared to 803B in the same quarter last year. Mobile Data traffic jumped by 73.5% to 7,536B MBs during the quarter as compared to 4,344B MBs a year ago same period.
