Airtel Q2 net up 27%, lags forecast

Airtel Q2 net up 27%, lags forecast


New Delhi: Bharti Airtel Ltd, India’s top mobile operator, said quarterly profit rose 26.8%, lagging market forecasts.

Bharti, in which Southeast Asia’s top phone firm SingTel owns more than 30%, said on Friday net profit rose to Rs20.46 billion ($414 million) under U.S. accounting rules in its fiscal second-quarter ended September from Rs16.14 billion reported a year earlier.

A Reuters poll of 11 brokerages had forecast a net profit of Rs21.25 billion for the firm, which added 8.1 million mobile users in the quarter to lift total subscribers to 77.5 million.

Shares in Bharti, India’s third-most valuable firm at about $23.5 billion, rose 8.8% in the September quarter, outperforming the broader market, which fell 4.5%.