Bharti Airtel first quarter net profit up 34 percent

July 24th, 2008 - 3:09 pm ICT by IANS  

New Delhi, July 24 (IANS) Indian telecom major Bharti Airtel announced Thursday a 44 percent growth in revenue and a 34 percent increase in its net profit in the first quarter of the current fiscal over the same period last year. In a regulatory statement, the company said that its audited US GAAP results show that in the quarter ended June 30, 2008, its consolidated total revenue was Rs.84.83 billion ($2.02 billion), up 44 percent from Rs.59.05 billion ($1.4 billion) in the comparable period of last year.

For the quarter under review, the company posted gross profit (EBITDA) of Rs.35.22 billion ($836.67 million), up 44 percent from Rs.24.47 billion ($581.03 million) in the comparable period of last year, the statement said.

The company’s net profit after tax in the quarter under review was Rs.20.25 billion ($480.83 million), up 34 percent from Rs.15.12 billion ($358.98 million) in the comparable period of last year.

The company also announced that it “maintained its leadership position through an improved market share of all India wireless subscribers at 24.2 percent as on June 30, 2008, up from 23.1 percent corresponding to the same period of last year.”

Commenting on the results and performance, Sunil Bharti Mittal, chairman and managing director, Bharti Airtel Limited, said: “It has been another quarter of leadership consolidation for the company.

“On the mobile side, it has been a particularly strong quarter with monthly customer adds crossing the 2.5 million mark. This clearly demonstrates that the Indian telecom growth story is intact and the rural markets are witnessing strong uptake.

“With our network, distribution and brand strength we are confident of continuing to lead this growth story.”

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