Airtel Q3 loss at Rs 1,035 crore after interest provisioning on AGR dues

Telecom operator Bharti Airtel on Tuesday posted a consolidated loss of Rs 1,035 crore for the three months ended December 31, 2019, as the AGR-hit telco provisioned for interest component of its statutory dues.

December Q3 scorecard marked the third straight quarter of losses for the company, which had logged a net profit of Rs 86 crore a year ago. The company also said the previously reported material uncertainty on the group’s ability to continue as a going concern “no longer exists” after the recent Rs 21,502 crore fund raising by it. “The net exceptional charge of Rs 10,500 million (Rs 1,050 crore) during the quarter ended December 31, 2019 comprises of a charge on account of interest on the provision of license fee and spectrum usage charges recorded in the quarter ended September 30, 2019, of Rs 10,481 million pending disposal of the modification application before the Supreme Court,” Airtel said.