Mobile operator Bharti Airtel Ltd beat forecasts on Thursday by grossing a 34 per cent rise in quarterly profit, sending its shares up 5 per cent.
"It has been a particularly strong quarter, with monthly customer adds crossing the 2.5 million mark," Chairman and Managing Director Sunil Mittal said in a statement.
"This clearly demonstrates the Indian telecom growth story is intact and the rural markets are witnessing strong uptake. We are confident of continuing to lead this growth story," he said.
Bharti, about 30 per cent of which is owned by Southeast Asia's top phone firm, SingTel, said consolidated net profit rose to Rs 20.25 billion ($484 million) in its fiscal first quarter ended June, from 15.1 billion a year earlier. Revenue rose by 44 per cent to Rs 84.83 billion.
Bharti provides mobile services on the popular GSM platform in all of India's 23 service areas, and accounts for nearly a quarter of the country's total mobile users.
Last year, Bharti’s average revenue per user had fallen to Rs 350 from Rs 390, even as minutes of usage climbed to 534 from 478 a year earlier.
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"It has been a particularly strong quarter, with monthly customer adds crossing the 2.5 million mark," Chairman and Managing Director Sunil Mittal said in a statement.
"This clearly demonstrates the Indian telecom growth story is intact and the rural markets are witnessing strong uptake. We are confident of continuing to lead this growth story," he said.
Bharti, about 30 per cent of which is owned by Southeast Asia's top phone firm, SingTel, said consolidated net profit rose to Rs 20.25 billion ($484 million) in its fiscal first quarter ended June, from 15.1 billion a year earlier. Revenue rose by 44 per cent to Rs 84.83 billion.
Bharti provides mobile services on the popular GSM platform in all of India's 23 service areas, and accounts for nearly a quarter of the country's total mobile users.
Last year, Bharti’s average revenue per user had fallen to Rs 350 from Rs 390, even as minutes of usage climbed to 534 from 478 a year earlier.
If you like this post then why not subscribe to our Free Newsletter and get all this blog updates delivered straight to your inbox!
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