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HindustanTimes Fri,22 Aug 2014

Rupee, high taxes pull Airtel Q1 net down 10%

HT Correspondent, Hindustan Times  New Delhi, July 31, 2013
First Published: 21:56 IST(31/7/2013) | Last Updated: 21:58 IST(31/7/2013)

India’s largest telecom service provider Bharti Airtel on Wednesday reported a 9.6% year-on-year fall in net profit to Rs. 689 crore, during the April-June quarter mainly due a depreciating rupee and higher taxes.

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However, stocks surged 7% to Rs. 345 on the BSE, adding Rs. 9,374 crore to its market value, after profit numbers beat analysts’ estimates of Rs. 657 crore.

Revenue rose 9.2% to Rs. 20,264 crore during the quarter.

“Our results for the quarter reflect the overall stability of our operations, and demonstrate the potential for growth,” said chairman Sunil Bharti Mittal.


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