Bharti Airtel Q1 net profit declines 37 percent
Telecom service provider Bharti Airtel Wednesday posted a 37 percent decline in net profit at Rs.762 crores for the quarter ended June 30 against Rs.1,215 crore during the like period of the previous financial year.
The total revenue, however, increased 14 percent to Rs.19,350 crores during the quarter under review as compared to 16,975 crores during the year ago period, the company said in a statement.
"Telecom revenue in India has been depressed due to hyper competition and recent regulatory and tax development," said Sunil Bharti Mittal, chairman and managing director of Bharti Airtel.
"I am happy to note that despite these adverse developments, Airtel has kept its focus on network expansion, market investment, superior customer experience and new product innovation," he added.
The overall customer base stands at Rs.260.7 million across 20 countries, the company said.