Bharti Airtel gains 2%, nears all-time high post June quarter results

Shares of Bharti Airtel rose as much as 2.2 per cent to Rs 579 on the BSE after it reported 15.4 per cent year-on-year (YoY) jump in consolidated revenues to Rs 23,939 crore for the June quarter of FY21 (Q1FY21). The company’s losses, however, expanded to Rs 15,933 crore for the quarter, mainly due to a massive AGR-related provisioning.

Airtel has made an incremental provision of Rs 10,744 crore (including net interest on total provision created considering interest rate based on the affidavit filed by the DoT), which has been presented as an exceptional item. According to Department of Telecommunications (DoT) calculations, Airtel owes Rs 43,780 crore in adjusted gross revenue (AGR) dues, of which Rs 18,004 crore has been paid.