PhonePe losses more than double in FY19. Airtel reports fall in ARPU in the September quarter, releases unaudited operational highlights for India business.
A Hill of Losses: Walmart-owned digital payment platform, PhonePe more than doubled its losses to INR1,905cr in FY19 vs INR791cr last year and INR129cr in FY17 on account of higher expenses.
Revenue rose fivefold, to INR245.8cr in FY19.
Meanwhile, its competitor Google Pay posted a x2.5 increase in revenue to INR1,119cr. Livemint
Sneak Peak: Indian telecom major, Bharti Airtel has deferred the release of its audited Q2 results to November 14 to get “more clarity” on the implications of the SC order that upheld the definition of adjusted gross revenue (AGR) for telcos to include their non-core income streams.
However, Airtel yesterday released unaudited operational highlights for its India business, which showed signs of continued recovery in core mobile services during the July-September quarter.
Revenue from India mobile services grew 7.4% YoY and 0.8% QoQ to INR10,812cr as it added 2.6 million subscribers and data usage continued to grow. The net addition in customers comes four-straight months after losing users.
However, the telecom operator reported a fall in its average revenue per user (ARPU) in the September quarter, with growth in its subscriber base outpacing revenue growth from mobile services in India.
Airtel recorded an ARPU of INR128 in the September quarter, down from INR129 in the June quarter.
Rival, Reliance Jio also recorded a drop in ARPU in the September quarter. Its ARPU fell to INR120 with 355.2 million users as of September end, from INR122 with 331.3 million users as of June end. ET Earnings
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