Airtel posts Rs 1,000-crore loss

Telecom major Bharti Airtel has suffered a net loss of Rs 1,035 crore for the three months ended December 31, 2019, against a net profit of Rs 86 crore in the corresponding period last year as it provisioned for the interest component of its statutory AGR (adjusted gross revenue) dues.

The December quarter marked the third straight quarter of losses for the company, which had logged a net profit of Rs 86 crore a year ago.

Airtel said the previously reported material uncertainty on the group’s ability to continue as a going concern “no longer exists” after it successfully raised Rs 21,502 crore.

Airtel’s consolidated revenues in the third quarter came in at Rs 21,947 crore, up 8.5 per cent over the same period previous year.