Bharti Airtel Ltd, India’s top telecom operator, reported an almost 75 percent drop in quarterly profit as a price war sparked by an upstart carrier weighed on earnings.
Profit on a consolidated basis, which includes the company’s Africa operations and its Indian satellite TV business among others, fell to Rs. 367 crore in the three months to June 30, while revenue fell 14 percent to Rs. 21,958 crore, Bharti Airtel said in a statement on Tuesday.
Analysts had expected a consolidated profit of Rs. 335 crore, according to Thomson Reuters data.
Reliance Jio, backed by India’s richest man Mukesh Ambani, has shaken telecoms industry since it was launched a year ago by offering months of free services and sharply discounted plans, battering the fortunes of established rivals such as Bharti Airtel and Idea Cellular.