Bharti Airtel Q2 net profit falls 38%

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8 Jun 2011
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Pulled down by heavy forex losses and 3G-related costs, the country's largest telecom firm the Sunil Mittal-led Bharti Airtel's net profit fell by 38.17 per cent to Rs 1,027 crore during July-September, 2011, quarter.

This is the seventh consecutive quarter in which the company has registered a decline in profit.

In the corresponding quarter ended September 30 last year, the company had registered a consolidated net profit of Rs 1,661 crore, Bharti said.

"Markets globally and locally have been challenging... Traditionally, July-September quarter is a quarter of being subdued customer demand for the sector...," Bharti Airtel CFO Manik Jhangiani said.

During the quarter, the US dollar appreciated against the rupee, resulting in forex restatement losses of Rs 239 crore for the company, as against a gain of Rs 249 crore in Q2 last fiscal.

The impact of recent judicial pronouncements on regulatory matters has been prudently considered in the quarter's financials, the company said.
Source:Financial Express
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