Airtel profits slashed due to JIo

Mumbai Nov 1: Indias one of top telecom operator Airtel profit has registered a dip in profit because of the entry of Reliance Jio.The company suffered a consolidated net profit drop of 76.5 percent to Rs 343 crore from
Rs 1,462 crore last year.

The consolidated revenues of the company declined 11.7 percent to Rs 21,777 crore for the reported period as compared to Rs 24,652 crore last year.

For India, Airtel showed a drop of over 90 percent in its net profit to Rs 121.1 crore for the quarter ended September 30, over Rs 2,095.9 crore in the same period last year.

The company has said that the profits were declined were due to financial stress and intense competetion and availability of the data packs for a cheaper rate offered by rivals.

However, the company hopes that the launch of new featurephone would improve the profits in coming quarters.