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Bharti Airtel defers Q2 result till November 14, stock falls over 3%

Reacting to the news, shares of Bharti Airtel fell over 3.5 percent to Rs 359

October 29, 2019 / 09:37 AM IST
 
 
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Bharti Airtel on October 29 deferred its September quarter result till November 14, the telecom major said in a statement to exchanges. The company was scheduled to report its September quarter result on October 29.

Reacting to the news, shares of Bharti Airtel fell over 3.5 percent to Rs 359.

"The Board of Directors, at its meeting held on October 29, has accepted the management's recommendation and deferred approval of the said financial results till November 14," Bharti Airtel said in a statement.

The company deferred its Q2 result as it sought further clarity on the AGR matter arising out of the recent Supreme Court judgement. "The Company is approaching the Department of Telecom (DoT) to seek clarity on the total amount involved and to request their support to deal with this adverse outcome," the telecom major said.

Brokerages expect the September quarter numbers of Bharti Airtel to show signs of stress even though the Africa business may show sustained growth.

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Moreover, other than the numbers, mobile broadband subscriber addition, sale of non-core assets, and Airtel V fiber  and other balance sheet deleveraging plans will be key things to watch out for when the company releases its Q2 FY20 scorecard.

"We estimate Bharti Airtel India mobile business revenue to remain flat quarter-on-quarter (QoQ) given the seasonal weakness in Q2. However, Airtel's Africa business will witness sustained momentum at 2.6 percent growth QoQ," said brokerage Edelweiss Securities.

The brokerage expects Bharti Airtel to report a loss of Rs 1,129.8 crore in Q2 on revenue of Rs 20,917.9 crore.



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first published: Oct 29, 2019 09:37 am
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