Bharti Airtel Q1 up 34% at Rs2,025 cr

Bharti Airtel Q1 up 34% at Rs2,025 cr
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First Published: Thu, Jul 24 2008. 11 49 AM IST
Updated: Thu, Jul 24 2008. 11 49 AM IST
PTI
New Delhi: Driven by robust subscribers growth, telecom major Bharti Airtel has reported a 34% increase in standalone net profit at Rs2,025 crore in the first quarter ended on June 2008, against Rs1,511.60 crore in the year-ago period.
The company’s total revenue as per US accounting rules, rose by 44% to Rs8,483.30 crore in the latest quarter, from Rs5,904.60 crore in the same period of FY08.
“On the mobile side, it has been a particularly strong quarter with monthly customer addition crossing the 2.5 million mark,” Bharti Airtel Chairman and Managing Director Sunil Mittal said.
“With our network distribution and brand strength we are confident of continuing to lead this growth story,” he added.
The company had the highest ever net addition of 69.27 lakh customers in a single quarter.
“The quarter saw robust growth as we achieved economies of scale but acknowledged that tariffs are under pressure. The low average revenue per user is not a matter of concern for the company. The engine of growth has been huge subscriber addition,” Bharti Airtel CFO and Joint MD Akhil Gupta said.
Shares of the company touched an intra-day high of Rs861 in the early morning trade. It was later quoted at Rs847.90, up 3.91% on the Bombay Stock Exchange.
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First Published: Thu, Jul 24 2008. 11 49 AM IST