Bharti Airtel reported a loss of ₹23,045 crore in the second quarter ended September 30, hurt by a charge of ₹28,450 crore. Net Loss (before exceptional items) for Q2 was at ₹1,123 crore.
"On October 24, 2019, the Supreme Court of India delivered a judgement in relation to a long outstanding industry-wide case upholding the view considered by Department of Telecommunications in respect of the definition of Adjusted Gross Revenue. This Court Judgement has significant financial implications on the company. The Supreme Court has allowed a period of three months to the affected parties to pay amounts due to DoT," Bharti Airtel said in a statement.
"The company is hopeful of relief and in the absence of the same, has provided for an additional amount aggregating Rs. 28,450 crore as a charge for the quarter (comprising of Principal of Rs. 6,164 crore, interest of Rs. 12,219 crore, penalty of Rs. 3,760 crore, and interest on penalty of Rs. 6,307 crore) with respect to the license fee as estimated based on the Court Judgement and spectrum usage charges (SUC) as estimated based on the definition of AGR," it added.