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African burden drags down Bharti Airtel net
India’s largest telecom service provider Bharti Airtel on Wednesday announced a 41% year-on-year decline in net profit at Rs 1,303.3 crore for the quarter ended December against Rs 2,194.9 crore in the year-ago period.
India’s largest telecom service provider Bharti Airtel on Wednesday announced a 41% year-on-year decline in net profit at Rs 1,303.3 crore for the quarter ended December against Rs 2,194.9 crore in the year-ago period.
The decline is mainly on account of huge rebranding cost and foreign exchange losses.
Currency movements in India and Africa resulting in restatement losses of Rs 151 crore and one-time rebranding costs of Rs 340 crore are important factors responsible for bringing down net profit, said Manik Jhangiani, CFO, Bharti group.
The company, however, reported a 51.1% jump in revenues at R15,756.0 crore during the quarter against R10,305.3 crore in the year-ago period.
Bharti Airtel has re-paid $ 415 million of its net debt in the third quarter, a major portion of which was towards the repayment of loans for 3G and BWA licence.
