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Bharti Airtel defers Q2 results, seeks clarity on AGR issue

The company said it seeks more clarity on the adjusted gross revenue (AGR) matter.

ETMarkets.com|
Oct 29, 2019, 09.02 AM IST
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Airtel
Airtel said it has invested about Rs 40,000 crore into the network only in the past two years but still, 67 per cent subscribers on its network use non-4G devices.
Bharti Airtel on Tuesday deferred its September quarter results till November 14. The telecom major was scheduled to report its quarterly results on Tuesday.

The company said it seeks more clarity on the adjusted gross revenue (AGR) matter, arising out of recent judgement of the Supreme Court. For that, the Sunil Bharti Mittal-led company is approaching DoT “to seek clarity on the total amounts involved and request for their support to deal with this adverse outcome.”

The apex court had last week sided with the government’s definition of AGR, that all revenue from telecom companies’ will be used for calculating the AGR, which is a percentage of total revenue. The court rejected argument of carriers that the AGR only included license and spectrum fees.

Airtel is liable to pay Rs 21,700 crore.

“Please be informed that 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 be deferred till November 14, 2019,” the company said in a BSE filing.

“The Board of Directors, in its meeting held today, 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,” it said.

The telecom operator said that all other agenda items will be taken up by the board in the meeting to be resumed on Tuesday in the ordinary course.

Also Read

AGR payment: Telecom companies to wait for SC decision

Telecom AGR dips 4.5% in Q2

No open-court hearing on AGR: Supreme Court

Telecom industry is on the path to recovery, but AGR an overhang: ICRA

Airtel’s AGR burden likely to get heavier

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