Bharti Airtel slips into red after 14 years, posts Rs 2,866 cr loss in Q1

New Delhi, Aug 1 () Bharti Airtel on Thursday posted a staggering Rs 2,866 crore loss for the June quarter, its first consolidated loss in 14 years, as the telco lost ground to rival Reliance Jio and took a hit from exceptional items such as charges towards accelerated depreciation of 3G network gear.
Airtel had logged a net profit of Rs 97 crore in the June quarter of the previous fiscal, according to a company statement.

The revenue of the Sunil Mittal-led company rose 4.7 per cent to Rs 20,738 crore during the first quarter ended June 2019. India revenues were up 2.8 per cent year on year (5.5 per cent on an underlying basis) at Rs 15,345 crore, while Africa revenues increased 10.2 per cent in the same period.