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This is an archive article published on October 30, 2019

Airtel defers Q2 results as it seeks ‘support’ from Centre over dues

It was scheduled to announce the earnings on Tuesday but in a notice to the bourses it said the same is now being deferred till November 14.

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“The company is approaching the department of telecommunications (DoT) to seek clarity on the total amounts involved and request for their support to deal with this adverse outcome,” it said in the notice.

Bharti Airtel has deferred the release of its September quarter earnings till November 14 as it has sought clarity and support from the government on Rs 42,000-crore statutory dues it owes the exchequer following the Supreme Court judgment.

It was scheduled to announce the earnings on Tuesday but in a notice to the bourses it said the same is now being deferred till November 14.

“The company is approaching the department of telecommunications (DoT) to seek clarity on the total amounts involved and request for their support to deal with this adverse outcome,” it said in the notice.

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Bharti Airtel, Vodafone Idea and other telecom operators may have to pay the government Rs 1.33 lakh crore following the Supreme Court order last week. The apex court upheld the government’s position on including revenue from non-telecommunication businesses in calculating the annual adjusted gross revenue (AGR) of telecom companies.

“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 (Q2) and half year ended September 30, 2019, which was to be a part of the board meeting today (Tuesday) be deferred till November 14 on account of the fact that more clarity is needed on the AGR matter,” Bharti Airtel said in a notice to the exchanges. —FE

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