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Bharti Airtel pays Rs 10,000 cr to DoT as part of AGR dues

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Capital Market
Last Updated : Feb 17 2020 | 3:50 PM IST

The media reported that Bharti Airtel owes nearly Rs 35,586 crore in statutory dues, including licence fee, interest on penalties and spectrum usage charge.

Bharti Airtel on Monday said it paid Rs 10,000 crore to Department of Telecommunications (DoT) as part payment of its adjusted gross revenue (AGR) dues. It includes an amount on behalf of Telenor India, merged with the company and Rs 500 crore on behalf of Bharti Hexacom, a subsidiary company.

The telecom major said it is in a process of completing the self-assessment exercise expeditiously and will make the balance payment upon completion of the same, before the next date of hearing in the Supreme Court (SC).

SC on Friday (14 February) directed telecom providers to pay their AGR dues to DoT by the next court hearing on 17 March 2020. The court made scathing observations on the conduct of the telecom companies as well as the DoT for ignoring its 24 October verdict that had directed the firm to pay AGR dues to DoT by 23 January 2020.

SC on 24 October 2019 ruled in favor of the government on the AGR issue, with grave revenue implications to the tune of over Rs 92,000 crore for the ailing telecom sector.

Shares of Bharti Airtel were trading 0.09% lower at Rs 564.6 on BSE. Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.

The company reported a consolidated net loss of Rs 1035.20 crore in Q3 December 2019 as against a net profit of Rs 86.2 crore reported in Q3 December 2018. Net sales rose 8.5% to Rs 21947.10 crore in Q3 December 2019 over Q3 December 2018.

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First Published: Feb 17 2020 | 2:41 PM IST

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