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Dragged down by rival Reliance Jio’s aggressive pricing strategy, telecom major Bharti Airtel on Tuesday reported a 72 per cent fall in net profits at Rs 373 crore for the fourth quarter ended March 31, a second consecutive quarterly decline.
The company had earned net profits of Rs 1,319 crore in the corresponding quarter of 2015-16. The mobile operator’s consolidated revenues were down 8.8 percent year-on-year during the January-March period at Rs 21,935 crore.
“The sustained predatory pricing by the new operator has led to a decline in revenue growth for the second quarter in a row… The deteriorating health of the industry was compounded by the tsunami of incoming voice traffic from the new operator, as a result of which significant investments had to be made just to carry the incoming traffic on our network,” Gopal Vittal, managing director and chief executive officer, India & South Asia, said.
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