Continuing to bleed for the ninth straight quarter, telecom major Bharti Airtel today reported a 73.5 per cent drop in net income at Rs 97 crore for the three months to June due to intense competition in the mobile services market.
The company had registered a net profit of Rs 367 crore in the same period a year ago.
Consolidated income of the Sunil Bharti Mittal-led firm declined by 8.6 per cent to Rs 20,080 crore for the first quarter of this fiscal from Rs 21,958 crore in corresponding period of 2017-18.
"Industry pricing continues to remain untenable. However, led by our successful bundles, content partnerships and handset upgrade programs, our mobile data traffic surged 355 per cent on a YoY basis," the company's MD and CEO (India and South Asia) Gopal Vittal said in a statement.
India revenues during April-June 2018 period declined by 7 per cent on year-on-year basis to Rs 14,930 crore, the company said.
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