Airtel defers Sept quarter results till Nov 14 citing AGR issue


PTI, Oct 29, 2019, 1:38 PM IST

New Delhi: Telecom operator Bharti Airtel on Tuesday said it has deferred September quarter result announcement till November 14, due to the adjusted gross revenue (AGR) issue.

The company was earlier scheduled to approve and release its Q2 numbers on Tuesday.

“…the management of the company recommended to the board of directors that the agenda item related to the approval of audited financial results for the second quarter and half year ended September 30, 2019… be deferred till November 14, 2019, on account of the fact that more clarity is needed on the AGR matter arising out of recent judgement of… the Supreme Court,” Airtel said in a regulatory filing.

The Sunil Mittal-led company said it is approaching the Department of Telecom (DoT) to seek clarity on the total amounts involved and “request for their support to deal with this adverse outcome.”

“The board of directors, in its meeting held today (Tuesday), has accepted the management’s recommendation and deferred the agenda item relating to the approval of the said financial results till Thursday, November 14, 2019,” the filing said.

All other agenda items shall be taken up by the board in the meeting to be resumed today in the ordinary course, it added.

Airtel, Vodafone Idea and other telecom operators may have to pay the government a whopping Rs 1.4 lakh crore following the Supreme Court order last week that sent shock waves through an industry already grappling with billions of dollars in debt and an intense telecom tariff war to retain customers.

The top court had upheld the government’s position on including revenue from non-telecommunication businesses in calculating the annual AGR of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer.

According to the DoT’s calculations, Bharti Airtel faces a liability of around Rs 42,000 crore after including licence fees and spectrum usage charges, while Vodafone-Idea may have to pay about Rs 40,000 crore. Jio may have to pay around Rs 14 crore.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Kannada Sahitya Sammelana: Food distribution creates stir

Rohit gets hit in nets, practice pitches on slower side

India & Kuwait elevate ties to strategic level; ink defence pact after PM Modi meets top Kuwaiti leaders

In Kuwait, PM Modi meets yoga practitioner, other influencers from Gulf country

Notorious gangster wanted in UAPA case arrested at Nepal border

Mandhana, Renuka blow away West Indies in first ODI

‘Condition critical’, say doctors as farmer leader Dallewal’s fast enters 27th day

Related Articles More

RBI: After another status quo year, all eyes on a growth-propping rate cut with new Guv at helm

Front-running case: Sebi bans 9 entities from market , impounds illegal gains of over Rs 21 crore

Global trends, FIIs’ move to dictate trends in markets in holiday-shortened week: Analysts

GST Council postpones decision to cut tax on insurance, rate panel defers report submission

GST Council meet to decide on lower taxes on insurance policies, ATF inclusion

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Kannada Sahitya Sammelana: Food distribution creates stir

Rohit gets hit in nets, practice pitches on slower side

India & Kuwait elevate ties to strategic level; ink defence pact after PM Modi meets top Kuwaiti leaders

In Kuwait, PM Modi meets yoga practitioner, other influencers from Gulf country

Notorious gangster wanted in UAPA case arrested at Nepal border

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.