Telecom operators Bharti Airtel and Vodafone Idea on Thursday reported record losses for the quarter ended September 30. The companies reported combined losses of about Rs 75,000 crore over heavy provisions made for outstanding government dues, arising from a Supreme Court verdict on annual gross revenue, leading them to post higher ever quarterly loss.
Vodafone Idea posted a Rs 50,921 crore loss for the quarter in the highest ever quarterly loss posted by any Indian company in recent memory. The losses included a provision of Rs 25,680 crore over government dues. Bharti Airtel reported a consolidated net loss of Rs 23,045 crore after making made a provision of Rs 28,450 crore, more than 92 percent of the overall charge for exceptional items, after the Supreme Court ruling.
Here are some other companies that have reported huge quarterly losses in the last few years
Tata Motors reported a consolidated loss of Rs 26,960.80 crore in Q3FY19 after it took one-time exceptional non-cash charge for asset impairment of 3.1 billion pounds. Net loss from joint ventures and associates amounted Rs 138 crore. The decrease was mainly on account of lower profitability in the JLR’s China JV (CJLR) due to market challenges.
Punjab National Bank
Punjab National Bank had reported a net loss of Rs 13,416.91 crore in the fourth quarter of fiscal 2018 due to a three-fold surge in provisions towards bad loans, which was taken upfront during the quarter.
The Nirav Modi-scam hit lender had made provisions of Rs 7,178 crore—amounting to 50 percent of the fraud amount.
Total hit to PNB on account of the Nirav Modi-scam was Rs 14,356.84 crore.
Bank of Baroda
After the merger with Dena Bank and Vijaya Bank, the state-run lender Bank of Baroda reported a consolidated net loss of Rs 8,875 crore in the fourth quarter of fiscal 2019. However, on standalone basis, the Bank posted loss of Rs 991 crore for the quarter ending March 31, 2019 on account of accelerated specific provisions on NPLs at Rs 5,550 crore.
State Bank of India
The country’s largest lender State Bank of India had posted a net loss of Rs 7,718 crore in Q4FY18 due to huge jump in provisions for non-performing assets (NPAs) under the Reserve Bank of India's revised framework for resolving stressed assets. Total provisions during the quarter went up 66.55 percent QoQ to Rs 23,601 crore.
State-run lender IDBI Bank posted a loss of Rs 5,662.76 crore for the quarter ended March 31, 2018. Its net interest income slipped 44 percent YoY to Rs 915.47 crore. Provisions and contingencies jumped to Rs 10,544.34 crore in Q4FY18.