Bharti Airtel said that while the net loss after exceptional item was at Rs 23,045 crore, before exceptional item the net loss stood at Rs 1,123 crore.
After posting the worst quarterly loss in India's corporate history, Vodafone Group Plc's besieged local venture is appealing for urgent relief from the government to help avert a collapse. Following the provisions, it said the liabilities/provisions as at September 30, 2019, were ₹34,260 crore. In his letter, Read said that he had apprised the British media that the operations in India had reached a "critical phase" in view of the financial conditions that telecom companies are facing.
The company's revenue was up 42 percent to Rs 11,146.4 crore, during the quarter. Before this, Tata Motors had posted a loss of Rs 26,961 crore for the December quarter of 2018, the report said.
In its October 24 verdict, the Supreme Court of India ruled in favor of the government's method of calculating operators' revenue, a decision that means carriers must pay about $13 billion combined - mostly license and spectrum fees built up over years.
The company took a charge of Rs. 25,678 crores for the quarter after the Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay Rs. 92,000 crores in overdue levies and interest. India revenues for Q2'20 at Rs 15,361 crore have increased by 5.7 per cent YoY (reported increase of 3.0 per cent) on an underlying basis.
The company is also in the process of filing a review petition against the Supreme Court order.
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"It is to be noted that our ability to continue as a going concern is dependent on obtaining the reliefs from the government. and positive outcome of the proposed legal remedy", Vodafone Idea said in a statement.
Vodafone Idea has taken a one-time charge of 256.80 billion rupees and its revenue from operations more than halved to 108 billion rupees from 221 billion rupees in the year-ago quarter.
Bharti Airtel and Vodafone Idea shares gained Friday in Mumbai trading on optimism the government may provide help for the companies and as operating results showed some strength.
On Wednesday, the DoT shot off notice to telecom operators to pay their revenue share dues within three months as directed by the Supreme Court.
Bharti Airtel, which has also been hit hard by the Supreme Court ruling on statutory dues, has provisioned 342 billion rupees to cover adjusted gross revenue related liabilities.
These factors indicate that material uncertainty exists, casting significant doubts on the company's ability to continue and its ability to generate the cash flow that it needs to settle, or refinance its liabilities and guarantees, Vodafone Idea said.
Mobile data traffic for Airtel almost doubled to 4,497 petabytes (PBs) in the quarter, as compared to 2,478 PBs in the corresponding quarter previous year.