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Airtel posts Rs 23,045 cr net loss in Q2 on AGR provisioning
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SME Times News Bureau | 14 Nov, 2019
Bharti Airtel has reported a
consolidated net loss of Rs 23,044.9 crore in Q2 of 2019-20, against a
loss of Rs 2,866 crore in the previous quarter, on provisions towards
Adjusted Gross Revenue (AGR).
On AGR, it said the
liabilities/provisions as at September 30, 2019 aggregate Rs 34,260
crore (comprising of principal of Rs 8,747 crore, interest of Rs 15,446
crore, penalty of Rs 3,760 crore and interest on penalty of Rs 6,307
crore), it said in a regulatory filing. The net loss (before exceptional
items) was at Rs 1,123 crore.
Airtel 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 judgment and spectrum usage charges (SUC) as estimated based on
the definition of AGR.
The consolidated revenues for Q2 at Rs
21,131 crore grew 6.9 per cent YoY, against reported increase of 4.9 per
cent, on an underlying basis. Consolidated mobile data traffic at 4,661
PBs in the quarter has registered a healthy YoY growth of 81 per cent.
India
revenues for Q2'20 at Rs 15,361 crore have increased by 5.7 per cent
YoY against reported increase of 3.0 per cent, on an underlying basis.
Mobile revenues have witnessed a YoY growth of 7.1 per cent.
Mobile
data traffic has nearly doubled to 4,497 PBs in the quarter as compared
to 2,478 PBs in the corresponding quarter last year. Mobile 4G data
customers increased by 56.9 per cent to 103.1 million from 65.7 million
in the corresponding quarter last year. Digital TV revenue witnessed a
growth of 17.1 per cent YoY on an underlying basis, against a decline of
22.9 per cent on reported basis, due to reporting changes in DTH
pursuant to the new tariff order.
on AGR, it said the company is
hopeful of relief but in its absence, has provided for an additional
amount aggregating Rs 28,450 crore as a charge for the quarter with
respect to the license fee as estimated based on the Supreme Court
judgment and spectrum usage charges (SUC) as estimated based on the
definition of AGR.
These provisions have been made without
prejudice to the company's right to contest Department of
Telecommunication's demands on facts as well as on rights available in
law. Thus the liabilities/ provisions as at September 30, 2019 aggregate
Rs 34,260 crore.
Airtel Business has sustained its performance
on a YoY basis. Consolidated EBITDA at Rs 8,936 crore increased 40.9 per
cent YoY. Consolidated EBITDA margin increased by 10.8 per cent to 42.3
per cent in the quarter as compared to 31.5 per cent in the
corresponding quarter last year. Consolidated EBIT increased by 85.2 per
cent YoY to Rs 1,993 crore.
The consolidated net loss before
exceptional items for the quarter stands at Rs 1,123 crore, and after
exceptional items, at Rs 23,045 crore.
On October 24, the Supreme
Court delivered its judgement in relation to a long outstanding
industry-wide case, upholding the view considered by Department of
Telecommunications in respect of the definition of AGR, with significant
financial implications for the telecom firms.
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