NEW DELHI (TIP): Country’s largest telecom company, Bharti Airtel today posted 74.89% decline in consolidated net profit to Rs 367 crore for the June quarter of the current fiscal, hit hard by the disruptive pricing of newcomer Reliance Jio.
In contrast, its net income was Rs 1,462 crore in the April- June quarter of last fiscal, 2016-17. Total revenue fell 14% to Rs 21,958 crore in the first quarter of 2017-18, from Rs 25,546 crore in the year-ago period.“The pricing disruption in the Indian telecom market caused by the entry of a new operator continued with industry revenues declining over 15% year-onyear, creating further stress on sector profitability, cash flows and leverage,” Gopal Vittal, MD and CEO, India & South Asia, Bharti Airtel said.
Hero MotoCorp Q1 net up at Rs 914.04 crore
Riding on its best-ever quarterly unit sales, two-wheeler market leader Hero MotoCorp on Tuesday reported a 3.5% increase in profit after tax at Rs 914.04 crore for the April-June quarter. Revenue from operations during the period under review stood at Rs 8,612.91 crore as against Rs 8,010.66 crore in the year-ago quarter, up 7.52%.
Vedanta profit doubles to Rs 1,525 crore
Mining conglomerate Vedanta Ltd’s consolidated profit after tax doubled to Rs 1,525 crore for the quarter through June, driven by strong show in zinc and oil and gas businesses, the company said on Tuesday. Total income during the quarter was at Rs 20,397 crore, an increase of 23 per cent over a year ago. The quantum jump in profit during the April-June quarter was on account of volumes and improved zinc pricing.