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Bharti Airtel's second-quarter net profit fell 4.9% from a year earlier, hurt primarily by intensifying competition in the face of Reliance Jio Infocomm’s entry and by higher interest costs, though the nation's top telecom company beat market estimates.
The company posted a net profit of Rs1,461 crore for the three months through September, topping the average estimate of around Rs1200 crore in an ET poll of analysts. The profit was almost flat compared with the Rs1,462 crore it posted in the April-June quarter.
Revenue was Rs24,652 crore, up 3.4% on year, and the telco ended the quarter with more than 363 million customers across India, South Asia and Africa. In India, it had nearly 260 million mobile subscribers.
Net interest cost jumped to Rs1,603 crore from R1,053 crore a year earlier, largely due to higher outgo on loans related to spectrum, the company said in a news statement Tuesday.
“Overall revenue momentum in India has been sustained during Q2 with a growth of 10.1% Y-o-Y. This is primarily due to the strong performance of our non-mobile businesses which grew in aggregate at 18.8% Y-o-Y, albeit our mobile business has experienced a slowdown in growths due to free services being offered by a new operator,” Gopal Vittal, MD and CEO, India & South Asia, said in the statement.
Bharti Airtel: Bharti Airtel net profit falls nearly 5% on year; Jio, higher interest costs weigh - ET Telecom
The company posted a net profit of Rs1,461 crore for the three months through September, topping the average estimate of around Rs1200 crore in an ET poll of analysts. The profit was almost flat compared with the Rs1,462 crore it posted in the April-June quarter.
Revenue was Rs24,652 crore, up 3.4% on year, and the telco ended the quarter with more than 363 million customers across India, South Asia and Africa. In India, it had nearly 260 million mobile subscribers.
Net interest cost jumped to Rs1,603 crore from R1,053 crore a year earlier, largely due to higher outgo on loans related to spectrum, the company said in a news statement Tuesday.
“Overall revenue momentum in India has been sustained during Q2 with a growth of 10.1% Y-o-Y. This is primarily due to the strong performance of our non-mobile businesses which grew in aggregate at 18.8% Y-o-Y, albeit our mobile business has experienced a slowdown in growths due to free services being offered by a new operator,” Gopal Vittal, MD and CEO, India & South Asia, said in the statement.
Bharti Airtel: Bharti Airtel net profit falls nearly 5% on year; Jio, higher interest costs weigh - ET Telecom
