Reliance Jio effect: Bharti Airtel's net profit down 76% to Rs 343 crore

Ever since Reliance Jio entered the market in September last year, Airtel as well as others have seen their profits slide

Thanks to hyper competition unleashed by Reliance Jio, the country's top operator Bharti Airtel suffered a consolidated net profit drop of 76.5 per cent to Rs 343 crore from Rs 1,462 crore last year.

The consolidated revenues of the company spanning 17 countries — India, Sri Lanka and 15 in Africa — declined 11.7 per cent to Rs 21,777 crore for the reported period as compared to Rs 24,652 crore last year. 

For India, Bharti Airtel showed a drop of over 90 per cent in its net profit to Rs 121.1 crore (before exceptional items) for the quarter ended September