Bharti Airtel Q1 net income plunges 73 per cent to Rs 97 crore

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.

Read More: Government gives final nod to Vodafone-Idea merger, to be India's largest operator

"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.