NEW DELHI: Vodafone India’s profit before taxes (PBT) plunged by 39.2 per cent during the first half of 2017-18, primarily driven by the “continuing price war driven by Jio and other incumbents”, the firm said.
Vodafone’s figures for the period underline the sharp fall in profitability that the telecom sector has been witnessing over the past several quarters.
For example, Idea reported a massive Rs 1,107 crore net loss in the September quarter while market leader Airtel reported a 76.5 per cent plunge in net profit at Rs 343 crore. Reliance Communications also reported a net loss of Rs 2,709 crore for the quarter.
Vodafone’s numbers largely mimic its peers’ downturn, with the second largest telecom major reporting a 15.8 per cent fall in revenue at Rs 19,002 crore year-on-year.