Bharti Airtel, ONGC to react to their Q2 results

Bharti Airtel reported consolidated net loss of Rs 23,044.90 crore in Q2 September 2019 as compared with net profit of Rs 118.80 crore in Q2 September 2018. Total income rose 5.5% to Rs 21514.50 crore in Q2 September 2019 over in Q2 September 2018.

On 24 October 2019, the Supreme Court of India delivered a judgement in relation to a long outstanding industry-wide case upholding the view considered by Department of Telecommunications (DoT) in respect of the definition of Adjusted Gross Revenue (AGR) (Court Judgement). This Court Judgement has significant financial implications on the company. The Supreme Court has allowed a period of three months to the affected parties to pay amounts due to DoT.

The company is hopeful of relief and in the absence of the same, has provided for an additional amount aggregating Rs 28,450 crore as a charge for the quarter (comprising of Principal of Rs. 6,164 crore, interest of Rs. 12,219 crore, penalty of Rs. 3,760 crore, and interest on penalty of Rs. 6,307 crore) with respect to the license fee as estimated based on the Court Judgement and spectrum usage charges (SUC) as estimated based on the definition of AGR. These provisions have been made without prejudice to the company's right to contest DoT's demands on facts as well as on rights available in law.

ONGC reported 36.21% fall in consolidated net profit to Rs 5,275.51 crore on 11.19% fall in total income to Rs 103,237.18 crore in Q2 September 2019 over in Q2 September 2018.

Vodafone Idea reported consolidated net loss of Rs 50,921.90 crore in Q2 September 2019 as compared with net loss of Rs 4,973.80 crore in Q2 September 2018. Total income rose 42.36% to Rs 11,275.90 crore in Q2 September 2019 over in Q2 September 2018.

Union Bank of India reported net loss of Rs 1,193.61 crore in Q2 September 2019 as compared with net profit of Rs 139.03 crore in Q2 September 2018. Total income rose 11.85% to Rs 10,556.57 crore in Q2 September 2019 over in Q2 September 2018.

Page Industries reported 23.62% rise in net profit to Rs 114.51 crore on 11.34% rise in total income to Rs 781.15 crore in Q2 September 2019 over in Q2 September 2018.

Natco Pharma announced that its Finished Dosage Formulations (FDF) facility in Visakhapatnam has commenced commercial operations. The facility is a part of the Special Economic Zone (SEZ) and intended to cater primarily to the U.S. & other international markets.

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