Bharti Airtel Q2 Results: Net profit drops 17% sequentially to Rs 1,341 crore, misses Street estimates
Bharti Airtel saw a 16.86 per cent fall in its profit after tax to Rs 1,341 crore in the quarter under review from Rs 1,613 crore in the previous quarter.
Bharti Airtel Q2 Results: Bharti Airtel on Tuesday (October 31, 2023) missed Zee Business Research targets by a mile as it reported a 16.86 per cent fall in its sequential consolidated profit after tax (PAT) in the September quarter results.
The company announced its second-quarter results on Tuesday, witnessing a significant fall in its PAT to Rs 1,341 crore in the quarter under review from Rs 1,613 crore in the previous quarter.
The profit was 40.40 per cent less than Zee Business research's estimate of Rs 2,250 crore.
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The company's revenue from operations also failed to beat analysts' expectation as it turned out to be Rs 37,004 crore against the analysts' expectations of Rs 37,800 crore.
The positive news about the company was its incresed average revenue per user (ARPU), which rose to Rs 203 in the second quarter from Rs 200 in the first quarter.
Bharti Airtel Q2 profit falls 37.5% YoY
Bharti Airtel on Tuesday reported a 37.5 per cent drop in its consolidated net profit to Rs 1,341 crore for the second quarter.
The net profit stood at Rs 2,145 crore a year ago.
For the just-ended quarter, the consolidated net income (before exceptional items) came in at Rs 2,960 crore, up by 44.2 per cent year-on-year.
The quarterly revenue rose 7.3 per cent to Rs 37,044 crore, "backed by strong and consistent performance in India operations", according to the company statement.
"This has been yet another quarter of solid revenue growth and improved margins. Our India revenue continues to gain momentum and grew sequentially by 2.4 per cent. Our consolidated revenue, however, was impacted by the devaluation of the Nigerian Naira," Bharti Airtel managing director Gopal Vittal said.
The company recorded 7.7 million 4G/5G net subscribers addition and exited the quarter with an "industry-leading ARPU of 203", he added.
"Our Postpaid and Homes businesses continued their strong growth trajectory as we added the highest ever net adds in both these segments in any single quarter. Our performance is underpinned by a simple and consistent strategy of focusing on quality customers and delivering the best experience to them in a seamless digital way," Vittal further said.
Mobile ARPU increased to Rs 203 in Q2 2024 against Rs 190 in Q2 2023, Bharti Airtel said.
Bharti Airtel Share Price
Bharti Airtel shares finished 1.3 per cent lower at Rs 914.2 each on BSE ahead of the earnings announcement.
(With inputs from PTI)