Telecom service provider Bharti Airtel on Tuesday announced over 54 per cent fall in consolidated net profit to Rs503.7 for the October-December quarter due to turbulence owing to the continued predatory pricing by Reliance Jio.
The company had posted a net profit of Rs1,108.1 crore in the same period a year ago.
The consolidated income of Bharti Airtel declined by 3 per cent during the reported period to Rs23,363.9 crore from Rs24,103.4 crore in corresponding period of 2015-16.
Bharti Airtel MD and CEO for India & South Asia Gopal Vittal in a statement said, “The quarter has seen turbulence due to the continued predatory pricing by a new operator. The present termination costs at 14 paise which are well below cost has resulted in a tsunami of minutes terminating into our network.
“This has led to an unprecedented year-on-year revenue decline for the industry, pressure on margins and a serious impact on the financial health of the sector.”