Bharti Airtel Q4 profit doubles
It generates a net profit of Rs 1,353 cr during fourth quarter ending March 31, 2007, on revenue of Rs 5,393 crore.business Updated: Apr 27, 2007 21:07 IST
Buoyed by a 98 per cent jump in net profit during the during the fourth quarter of 2006-07, Bharti Airtel will invest Rs 15,000 crore during the year to enhance its network, particularly in the northeast and east.
It generated a net profit of Rs 1,353 crore during the fourth quarter ending March 31, 2007, on revenue of Rs 5,393 crore, up 58 per cent from the same period a year ago.
The company registered an 89 per cent jump in net profit during 2006-07, at Rs 4,257 crore, on a 59 per cent growth in revenue at Rs 18,520 crore.
Announcing the US GAAP results Sunil Bharti Mittal, chairman and managing director, Bharti Airtel, said, "The demand for telecom services across all segments remains buoyant and we believe that this growth momentum can be sustained."
On Airtel’s plans for acquisitions, Mittal said the company was examining a number of opportunities and had stepped up capital expenditure for 2007-08 to $3.3-3.5 billion for India and Sri Lanka, of which 75 per cent will go towards mobile network expansion and direct-to-home services.
Bharti had the highest ever addition of 1.8 million customers in 2006-07, an increase of 86 per cent over 2005-06. However, it had to disconnect 300,000 connections as part of the subscriber verification drive.