Tuesday, May 7, 2024

AGR shows up in Airtel’s books, co posts Rs 23,045 cr loss in Q2

Thursday, November 14, 2019, 11:30
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Telecom major Bharti Airtel on Thursday posted a net loss of Rs 23,044 crore for the quarter ended September 30 on Rs 28,450 crore hit on AGR ruling.The company has provided for an additional amount aggregating Rs 28,450 crore as a charge for the quarter (comprising of Principal of Rs 6,164 crore, interest of Rs 12,219 crore, penalty of Rs 3,760 crore, and interest on penalty of Rs 6,307 crore) with respect to the license fee as estimated based on the Court Judgement and spectrum usage charges (SUC) as estimated based on the definition of AGR.Analysts in an ETNow poll had projected a loss of Rs 1,425 crore. The company had posted a profit of Rs 118.80 crore in the same period last year.Revenue of the telecom firm increased by 4.79 per cent to Rs 21,199 crore in Q2FY20.Deferred tax gain came in at Rs 8,932 for the quarter under review against a gain of Rs 2,632.60 crore in the same period last year.Before this, Tata Motors had posted the biggest quarterly loss by an Indian corporate for quarter ending December 30, 2018 in which it reported a loss of Rs 26,993 crore on an exceptional item of Rs 27,703 crore.More to come…

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