Financials
Q3-17: Jio affects Airtel revenue; Digital TV segment numbers up
BENGALURU: Indian telecom major Bharti Airtel Limited (Airtel) reported 3 percent decline in total revenue for the quarter ended 31 December 2016 (Q3-17, current quarter) as compared to the corresponding year ago quarter. The drop was partially affected by a drop in revenue due to divestments of its Africa operating units, tower assets sale and merger of Bangladesh operations. However, like in the previous quarter, Reliance Jio’s entry has resulted in a drop in the company’s India mobile revenues which contribute a lion’s share to overall revenue.
Airtel MD and CEO of India and South Asia regions Gopal Vittal said, “The quarter has seen turbulence due to the continued predatory pricing by a new operator. The present termination costs at 14 paise which are well below cost has resulted in a tsunami of minutes terminating into our network. This has led to an unprecedented year on year revenue decline for the industry, pressure on margins and a serious impact on the financial health of the sector. At the same time our commitment to provide a superior experience to our customers has led to revenue market share crossing a lifetime high of 33 percent. Airtel revenues grew by 1.8 percent Y-o-Y and our non-mobile businesses continue to grow at a healthy clip and now contribute a sizable 24 percent of our total revenues.”
In consonance with Vittal statement, Airtel’s Digital TV Services segment (DTH segment) reported 17.7 percent year-over-year (y-o-y) increase in operating revenues for the quarter ended 31 December 2016 (Q3-17, current quarter). Also, Operating Profit (Earnings Before interest and Tax – EBIT) of the DTH segment in the current quarter increased 27.1 percent year-over-year (y-o-y).
Airtel DTH reported revenues of Rs 873.5 crore in Q3-17 and Rs 742.2 crore in Q3-16. EBIT for the corresponding periods was Rs 68.4 crore (7.8 percent margin of the segment’s operating revenue) and Rs 53.8 crore (7.2 percent margin of the segment’s operating revenue), respectively.
EBIDTA in Q3-17 also increased y-o-y – by 22.3 percent to Rs 302.6 crore (34.6 percent margin of the segment’s operating revenue) in the current quarter from Rs 247.4 crore (33.3 percent margin of the segment’s operating revenue).
Subscription numbers, ARPU
Airtel’s DTH segment added 14.82 lakh subscribers between Q3-16 and Q3-17, or a 17.3 percent y-o-y increase. It had 125.88 lakh subscribers as on 31 December 2016. Q-o-q, the segment witnessed a 1.5 percent growth (1.83 lakh adds) in subscribers from 124.05 lakh in Q2-17.
ARPU in Q3-17 increased to Rs 232 from Rs 229 in the corresponding year ago quarter, but remained flat q-o-q as compared to the immediate trailing quarter.
Airtel numbers
Bharti Airtel Limited saw a 3 percent decline in operating revenue to Rs 23335.7crore in Q3-17 as compared to Rs 24065.9 crore in Q3-16.. Profit after tax (PAT) in the current quarter declined to less than half (declined by 54.5 percent) y-o-y to Rs 504 crore (2.2 percent margin) from Rs 1,108 crore (4.6 percent margin). The company attributes decline in profits to net interest costs of Rs 1,810 crore that have risen from Rs 1,360 crore in the corresponding quarter last year largely due to increased spectrum related interest costs. Further, forex and derivative losses for the quarter came in at Rs 126 crore compared to Rs 57 crore in the corresponding quarter last year as well as exceptional items net losses of Rs 114 crore.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
