Competition, tax outgo hit Bharti bottomline; stock down

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Updated: Wednesday, August 8, 2012, 10:26 [IST]
 
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Competition, tax outgo hit Bharti bottomline; stock down

Bharti Airtel, disappointed the streets with its Q1 number, as net profit declined by 37% to Rs 762.2 crore against Rs 1,215.2 crore for the corresponding period of previous quarter on adverse regulatory and tax issues impacting the operating profits.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 5849 crore, lower than expected.

Airtel customer base stood at 26 crores. During the quarter ended June 30, 2012, Bharti Airtel Employee Welfare Trust (a trust set up for administration of ESOP Schemes of the Company) has transferred 116,466 shares to the employees upon exercise of stock options, under ESOP Scheme 2005. As of June 30, 2012, the trust holds 547,901 equity shares.

"Telecom revenues in India have been depressed due to hyper-competition and recent regulatory & tax developments," chairman Sunil Bharti Mittal said.

The shares of the company was seen trading at Rs 290.90 lower by 1.43% at 9.30 am IST.

GoodReturns.in

Story first published:  Wednesday, August 8, 2012, 9:48 [IST]
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