Bharti Airtel stocks up over 3% post Q4 results
The company's stock was the top performer among the 30-Sensex constituents on the Bombay Stock Exchange (BSE).
The shares of country's largest telecom company Bharti Airtel on Thursday rose by over 3% after the company reported a 2.8% jump in net profit for the quarter ended March 31.
After a positive opening, the shares of the company further gained 3.14% to Rs 384.90 on the Bombay Stock Exchange (BSE). The stock was the top performer among the 30-Sensex constituents.
At the National Stock Exchange (NSE), it rose by 3.2% to Rs 385.00.
On Wednesday, Bharti Airtel reported a 2.8% jump in net profit at Rs 1,290 crore for the March quarter despite over 25% rise in depreciation and spectrum amortisation expenses.
The Sunil Mittal-led company had reported a net profit of Rs 1,255 crore in the January-March period of 2014-15.
Total revenues of the company rose 8.4% to Rs 24,960 crore for the reported quarter as compared to Rs 23,016 crore last year.
The firm said depreciation and amortisation expenses amounted to Rs 4,816.3 crore as compared to Rs 3,840.1 crore in the corresponding quarter last year, which reflects an increase of 25.4%, primarily led by incremental depreciation and higher spectrum amortisation expenses in India.
For the entire 2015-16, the company's net profit stood at Rs 5,484 crore whereas its total revenues were to the tune of Rs 96,532 crore.
Bharti Airtel also announced a buyback up to an aggregate amount not exceeding Rs 1,434 crore, at a price of Rs 400 per equity share, representing 0.90% of the total paid-up equity share capital of the company.
At 11:40 hours, the shares of Bharti Airtel were trading up 1.17% or Rs 4.35 to Rs 377.50 per scrip on the BSE.