The future of Sunil Bharti Mittal’s and Kumar Mangalam Birla’s telecom empire is looking bleak with Bharti Airtel and Vodafone Idea reporting second-quarter losses that together amount to over ₹73,000 crore.
While Airtel reported its highest-ever loss of ₹23,045 crore compared to a net profit of ₹119 crore in the corresponding period last year, Vodafone Idea recorded a loss of ₹50,921 crore, the highest-ever loss for a corporate in India.
Tata Motors held that record after posting a loss of ₹26,961 crore for the third quarter of 2018.
Both operators have made provisions to pay Adjusted Gross Revenue dues to the Centre following an adverse ruling by the Supreme Court.
Provisions for AGR
Airtel has provided for an additional charge aggregating to ₹28,450 crore. Vodafone Idea has provisioned ₹25,677.9 crore for AGR payments.
Denne historien er fra November 15, 2019-utgaven av The Hindu Business Line.
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Denne historien er fra November 15, 2019-utgaven av The Hindu Business Line.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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