Bharti Airtel Ltd, India`s top telecom operator, reported an almost 75 percent drop in quarterly profit as a price war sparked by an upstart carrier weighed on earnings.
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, Bharti Airtel said in a statement on Tuesday. (http://bit.ly/2utodoR)
Analysts had expected a consolidated profit of 3.35 billion rupees, according to Thomson Reuters data.
Reliance Jio, backed by India`s richest man Mukesh Ambani, has shaken India`s telecoms industry since it was launched a year ago by offering months of free services and sharply discounted plans, battering the fortunes of established rivals such as Bharti Airtel and Idea Cellular.
($1 = 64.3800 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)