Indian telecom major Bharti Airtel has reported a steep fall in quarterly profits.

Profits for the October-December quarter stood at 10.11 billion INR, which marks a 22 percent decline year-on-year. In the previous quarter, the company netted 10.27 billion INR in profits. The fourth quarter also marks the eighth consecutive quarter of slump in profits.

The continuing decline in earnings has mainly been attributed to currency fluctuations and the rising interest costs. Also, all the major mobile phone service providers in the country are engaged in a bitter tariff war.

But a recent order passed by the Supreme Court of India revoking 122 2G spectrum licences granted by the government to 11 companies seems to have benefited firms such as Vodafone and Bharti.

Total earnings for the quarter rose seven percent to 184.77 billion INR against 172.69 billion INR quarter-on-quarter.

Bharti shares lost 5.5 percent in early trade in the Mumbai market. The stock was trading at 358 INR as of 11:40 am IST.