Bharti Airtel may drop after poor Q2 results

Bharti Airtel's consolidated net profit fell 77% to Rs 343 crore on 10% decline in total revenue to Rs 21777 crore on an underlying basis in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 31 October 2017.

The company's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) declined 15.4% to Rs 8004 crore in Q2 September 2017 over Q2 September 2016. EBITDA margin dropped 1.6% year-on-year at 36.8% in Q2 September 2017, led by India SA margin drop of 5% on an underlying basis (viz. adjusted for Africa/Bangladesh divested operating units and tower assets sale).

In a statement, Gopal Vittal, Bharti Airtel MD and CEO, India & South Asia said, the financial stress in the industry continues due to double digit revenue decline and will be further accentuated by the reduction in IUC rates in the next quarter. This will eventually force operator consolidation and exits as witnessed in the recent past. Airtel remains committed to its goal of increasing revenue market share in this competitive environment by providing superior customer experience and strategically investing behind building more data capacities, Vittal added.

Container Corporation of India's (Concor) net profit rose 41.24% to Rs 222.94 crore on 6.19% growth in total income to Rs 1525.54 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 31 October 2017.

Among major earnings, Hero MotoCorp, Tech Mahindra and TVS Motor Company are scheduled to announce Q2 September 2017 results today, 1 November 2017.

Shares of automobile companies will be in focus as these companies announce monthly sales numbers for October 2017 starting today, 1 November 2017.

Tata Power Company announced the commissioning of a 30 megawatts (MW) solar power plant in Palaswade village of Satara district, Maharashtra, developed by its wholly owned subsidiary, Tata Power Renewable Energy (TPREL). The plant will produce over 6.2 crore units of solar power, covering the annual energy needs of over 14,000 Indian households. The announcement was made after market hours yesterday, 31 October 2017.

Bajaj Finance said that its debenture allotment committee at its meeting held on 31 October 2017, allotted 4,850 secured redeemable non-convertibles debentures aggregating to Rs 485 crore on private placement basis. The announcement was made after market hours yesterday, 31 October 2017.

Allahabad Bank announced reduction in its marginal cost of funds based lending rate (MCLR) in all tenors by 15 basis points with effect from 1 November 2017. The announcement was made after market hours yesterday, 31 October 2017.

Powered by Capital Market - Live News