Bharti Airtel Q1 net income plunges 73% to Rs 97 crore

New Delhi: Continuing to bleed for the ninth straight quarter, telecom major Bharti Airtel on Thursday reported a 73.5 percent drop in net income at Rs 97 crore for the three months to June due to intense competition in the mobile services market.

The company had registered a net profit of Rs 367 crore in the same period a year ago.

Consolidated income of the Sunil Bharti Mittal-led firm declined by 8.6 percent to Rs 20,080 crore for the first quarter of this fiscal from Rs 21,958 crore in corresponding period of 2017-18.

"Industry pricing continues to remain untenable. However, led by our successful bundles, content partnerships and handset upgrade programs, our mobile data traffic surged 355 percent on a YoY basis," the company's MD and CEO (India and South Asia) Gopal Vittal said in a statement.

India revenues during April-June 2018 period declined by 7 percent on year-on-year basis to Rs 14,930 crore, the company said.