SINGAPORE (Apr 20): Singtel shareholders may be worried about the entry of TPG Telecom later this year. But they should pay just as much attention to the stiff telco battle taking place in India.

Singtel’s 39.5% associate Bharti Airtel is expected to report its first quarterly loss in 15 years, after a two-year-long brutal price war. Analysts say Airtel, majority-owned by billionaire Sunil Bharti Mittal, may also report a net loss in the quarter ended March of between INR58.5 crore and INR377 crore ($11.7 million and $79 million).

Airtel’s contribution to Singtel’s pre-tax earnings has fallen in the last two financial years. The company was once the second-largest contributor among Singtel’s associates, behind Indonesia’s Telkomsel. It is now the second-smallest contributor.

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