Rupee, high taxes pull Airtel Q1 net down 10%
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.
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.