Icra keeps negative outlook, says SC blow tough for operators

NEW DELHI: Ratings firm IcraNSE 0.22 % has maintained a ‘negative’ outlook for the Indian telecom industry, saying recovery measures by beleaguered telcos will not be able to sustain the blow dealt by the Supreme Court order on adjusted gross revenue (AGR).

The October 24 order — in which the top court widened the definition of AGR to include non-core items — has added to the woes of already-distressed telcos, Icra said in a report on Thursday. The order left 15 telcos facing Rs 1.47 lakh crore in additional statutory dues, with Bharti AirtelNSE -1.41 % and Vodafone Idea the worst hit, facing combined dues of over Rs 89,000 crore.