The loss of telecom company Bharti Airtel fell to Rs 763 crore in the second quarter of July-September of the financial year 2020-21. In the same period of last financial year, the company had a loss of Rs 23,045 crore. However, the main reason for the company’s high losses last year was the provision of Rs 28,450 crore to pay the dues related to adjusted gross revenue (AGR) on the order of the Supreme Court.
The company said in a statement on Tuesday that its revenue grew 22 per cent to Rs 25,785 crore during the quarter. The reason for this is the strong growth of various portfolios of the company. In a statement, the company’s Managing Director and Chief Executive Officer (CEO) – India and South Asia Gopal Vittal said, “Despite a weak quarter for the general quarters, the company’s revenue grew 22 per cent year-on-year. This is better performance. ”
He said that the company is committed to increasing its profit. On the issue of AGR, the company said that it has made its stand before the government and it has already paid more than 10 per cent of the dues demanded by the Department of Telecommunications. The company will ensure compliance with the court order.
There was a loss of 15,933 crore in the June quarter
Bharti Airtel had a loss of Rs 15,933 crore in the first quarter (April-June) of the current financial year. This large deficit was mainly due to provision for statutory dues. In the same quarter of the previous financial year, the company had a loss of Rs 2,866 crore. During the June quarter, Airtel’s revenue was up 15.4 percent at Rs 23,939 crore.
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