Bharti Airtel rallies nearly 3% as Q3 net profit rises first time in four years
New Delhi – Bharti Airtel rallied as much as 2.77 per cent in trade on Wednesday after the telecom major reported a consolidated net profit of Rs 610 crore or 115 per cent for the third quarter ended December 2013, from Rs 284 crore reported in the year-ago period.
Bharti Airtel, country’s top telecommunications carrier, said its quarterly net profit rose for the first time in four years but was sharply lower than forecast. Net income before exceptional items was Rs 832 crore, Bharti said in a statement.
The company has seen a growth in its net profit after losses in 15 straight quarters. “Our focus on superior internet experience has resulted in increased data adoption and usage. Data is now a huge source of revenue growth,” Bharti Airtel Joint MD and CEO (India operations) Gopal Vittal said.
Consolidated mobile internet revenues grew by 105.2 per cent year on year to Rs 1,736 crore, accounting for more than one-third of the overall incremental revenue, the company said.
The average revenue per user (ARPU) increased by Rs 9.7 to Rs 195. The company’s net debt has been reduced to Rs 57,643 crore at the end of December 2013.