Business Today
Loading...

Bharti Airtel share price slips 4% on widening of loss in Q1

Bharti Airtel share fell 4.05% intra day to Rs 543.40 against previous close of Rs 566.35 on BSE  after the telco reported Q1 earnings.

twitter-logoBusinessToday.In | July 30, 2020 | Updated 15:59 IST
Bharti Airtel share price slips 4% on widening of loss in Q1
Bharti Airtel stock stands higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.

Share price of Bharti Airtel slipped over 4% in trade today after the telco widened its losses in Q1 on account of provisions of adjusted gross revenue (AGR) payout to the government. Net loss widened to Rs Rs 15,933 crore in last quarter against  net loss of Rs 2,866 crore in the corresponding quarter last year.

Bharti Airtel share fell 4.05% to Rs 543.40 against previous close of Rs 566.35 on BSE  after the telco reported Q1 earnings. Later the share closed 2.38% Rs 13.50 lower at Rs 552.85.

India revenue in Q1 stood at Rs 17,589.5 crore, up 14.6 per cent compared to Rs 15,344.6 crore in the corresponding quarter last year which led the stock higher in early trade today. The stock gained 2.23% intra day to Rs 579 on BSE. However, it gave into selling pressure amid Q1 losses.

The stock fell after 2 days of gain. Bharti Airtel stock stands higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.

The large cap stock has gained 60% in one year and risen 21.59% since the beginning of this year.

Airtel Q1 net loss widens to Rs 15,933 crore on AGR dues payout

"During the quarter ended June 30, 2020 the Group has further recorded an incremental provision of Rs 107,444 million (including net interest on total provision created considering interest rate as per the affidavit filed by Department of Telecommunications (DoT) on March 16, 2020, with effect from the date of Court Judgement) to give effect of the differential amount between DoT demand along with provision for subsequent periods for which demands have not been received computed based on the terms of the Licence Agreement, Court Judgement and the guidelines/ clarifications and AGR Provision, which has been presented as exceptional item," Airtel said in a regulatory filing.

The company reported consolidated net revenue of Rs 23,938.7 crore during Q1 FY21, 15.4 per cent higher than Rs 20,737.9 crore in Q1 FY20. Loss after tax (after exceptional items) saw a massive increase to end at Rs 15,191.2 crore during the quarter under review, as opposed to Rs 2,392.2 crore in the same period last year.

Telcos' performance impacted by legal disputes, higher levies: Sunil Mittal

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close