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Bharti Airtel Q1 net up 34% at Rs 2,025 cr

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Agencies

Posted: Jul 24, 2008 at 1112 hrs IST

New Delhi, July 24: Driven by robust subscribers growth, telecom major Bharti Airtel on Thursday reported a 34 per cent increase in standalone net profit at Rs 2,025 crore in the first quarter ended on June 30, against Rs 1,511.60 crore in the year-ago period.

The company's total revenue as per US accounting rules, rose by 44 per cent to Rs 8,483.30 crore in the latest quarter, from Rs 5,904.60 crore in the same period of FY'08.

"On the mobile side, it has been a particularly strong quarter with monthly customer addition crossing the 2.5million 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 Rs 861 in the early morning trade. It was later quoted at Rs 847.90, up 3.91 per cent on the Bombay Stock Exchange.

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