Bharti Airtel, India's top mobile phone carrier, reported its second consecutive quarter of profit growth, meeting estimates, as reduced competition in the world's second-biggest mobile phone market helped push call prices higher.
Consolidated net profit surged 89 per cent to 9.62 billion Indian rupees ($158.9 million) for its fiscal fourth quarter to end-March from 5.09 billion rupees reported a year earlier, New Delhi-based Bharti Airtel said on Tuesday.
Analysts on average had expected the New Delhi-based company, headed by Indian billionaire Sunil Mittal and nearly a third owned by Singapore Telecommunications, to report a net profit of 9.73 billion rupees.
The Indian telecommunications market, which had been hit by fierce competition and a vicious price war, started improving last year following a court order that revoked the permits of several carriers and reduced competition. Bharti Airtel had reported for the December quarter its first profit rise in four years.
The company operates in 20 countries across Asia and Africa and is the world's fourth-biggest cellular carrier by customers.
Bharti Airtel Q4 net profit up 89 per cent to Rs 962 cr
(PTI) Bharti Airtel, India's biggest mobile-phone company, today reported a 89 per cent jump in its fourth-quarter consolidated net profit on rise in call charges and higher revenue from data business.
Bharti posted a net profit of Rs 962 crore in January-March as against a Rs 509 crore earning in the same period last year.
"Consolidated mobile data revenues at Rs 1,900 crore grew by 93.4 per cent year-on-year, accounting for more than one-third of the growth," the company said in a statement.
Total revenue for the fourth quarter was up 13.5 per cent to Rs 22,219 crore as compared to Rs 19,582 crore a year ago.
For fully 2013-14 fiscal, the net profit rose 21.8 per cent to Rs 2,773 crore as against Rs 2,276 crore in previous year. Revenue was up 11.5 per cent to Rs 85,746 crore.
Annual consolidated revenues were mainly driven by mobile data (96.3 per cent), DTH (27.5 per cent), Airtel Business (19.1 per cent) and South Asia (41.2 per cent).
"The year has ended on a satisfying note, both in operational and financial terms. Network and spectrum investments, a refreshed IT strategy, innovative service platforms and an energised organisation will enable sustained growth in India and South Asia," Bharti Airtel MD and CEO (India & South Asia) Gopal Vittal said.