Incumbent telecom operators Bharti Airtel and Vodafone Idea, which have been hit the hardest by the latest SC ruling on definition of telecom revenue, are scheduled to announce their financial results on November 14.
“Notice is hereby given that the meeting of Board of Directors of the company will be held on Thursday, November 14, 2019, to consider and take on record the audited financial results (standalone and consolidated) for the second quarter and half year ended on September 30, 2019,” Airtel said in a regulatory filing.
Bharti Airtel had, last month, told the exchange that it has deferred the September quarter result announcement till November 14, due to the adjusted gross revenue (AGR) issue.
In a separate filing, Vodafone Idea also said its board will meet on November 14 to “to consider and approve the unaudited financial results of the company for the second quarter and half year ended September 30, 2019”.
Airtel, Vodafone Idea and other telecom operators may have to pay the government a whopping Rs 1.4 lakh crore following the recent Supreme Court order that sent shock waves through an industry already grappling with billions of dollars in debt and an intense tariff war to retain customers.
The Supreme Court, last month, 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 telecom department’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.―New Indian Express