Bharti Airtel Q1 net takes massive 75% hit on Jio impact

Profit at Rs 367 cr; revenue falls 14% to Rs 21,958 cr as data and voice rates tumble

Bharti Airtel’s net profit for Q1 slumped 75% with a net profit of Rs 367 crore for the three months ended June. Net profit in the January-March quarter was nearly Rs 373 crore.

Revenue fell 14% to Rs 21,958 crore from a year earlier as data and voice rates fell.

Profit on a consolidated basis, which includes the company's Africa operations and its Indian satellite TV business among others, fell to 3.67 billion rupees ($57.01 million) in the three months to June 30, while revenue fell 14 percent to 219.58 billion rupees. 

Reliance Jio, backed by India's richest man Mukesh