New Delhi, August 11: Hit by foreign exchange losses and cut-throat competition in the domestic market, Bharti Airtel today reported a 32 per cent decline in net profit at Rs 1,682 crore for the first quarter this fiscal, over same period last year.
The derivative and foreign exchange fluctuation loss stood at Rs 216 crore during April-June quarter, as against a gain of Rs 279 crore in the same quarter the previous year.
However, Bharti Airtel, which enjoys almost 22 per cent share of the Indian telecom market, said that the margins have been well protected.
Despite forex losses and competition in the domestic market, the company has managed to protect its margins, Bharti Airtel CEO Sanjay Kapoor told reporters here.
With about 15 players jostling for space, and tariffs hitting the rock-bottom, telecom players including Bharti Airtel are finding it difficult to protect their profits from dipping.
–Agencies