NEW DELHI (Reuters) - Bharti Airtel Ltd (BRTI.NS) on Thursday posted a consolidated net loss of 230.45 billion rupees ($3.23 billion) in the second quarter of its financial year as it made provisions for dues owed to the government.
Bharti said it made a provision of 284.50 billion rupees, more than 92% of the overall charge for exceptional items, after the Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees ($12.97 billion) in overdue levies and interest.
“We continue to engage with the government and are evaluating various options available to us,” Gopal Vittal, MD and CEO, India & South Asia, said in a statement. “We are hopeful that the government will take a considerate view in this matter given the fragile state of the industry.”
Analysts on average expected the company to report a loss of 11.16 billion rupees for the three months to the end of September, according to Refinitiv data.
Bharti’s Indian revenue rose 3% year-on-year to 153.61 billion rupees.
($1 = 71.3500 Indian rupees)
Reporting by Sankalp Phartiyal; Editing by Mark Potter